Jet Airways Pay Cuts

The insolvency resolution process of Jet Airways started in June 2019 after its then-promoters failed to provide liquidity.

Jet Airways is staring at closure with nearly 90 per cent of its fleet on the ground

Tata Group has sought management control of Jet Airways, seeking at least 26% initially and another 26% via an open offer later, the report stated.

On September 6, Jet Airways told senior employees that salaries would be paid in two instalments till November.

News agency Reuters reported citing a senior company executive that the airline told its pilots that it may be grounded in 60 days unless cost-cutting measures including pay cuts are put in place.

Jet Airways is looking for working capital loans but banks want the airline to show a turnaround commitment, the source said.

Jet Airways on Thursday said it is in talks with employees and key stakeholders to implement cost reduction measures such as cuts in salaries of staff.

In letters sent to pilots earlier this month, Jet Airways proposed they either take 30-50 per cent salary and stipend cuts, or quit.

The insolvency resolution process of Jet Airways started in June 2019 after its then-promoters failed to provide liquidity.

Jet Airways is staring at closure with nearly 90 per cent of its fleet on the ground

Tata Group has sought management control of Jet Airways, seeking at least 26% initially and another 26% via an open offer later, the report stated.

On September 6, Jet Airways told senior employees that salaries would be paid in two instalments till November.

News agency Reuters reported citing a senior company executive that the airline told its pilots that it may be grounded in 60 days unless cost-cutting measures including pay cuts are put in place.

Jet Airways is looking for working capital loans but banks want the airline to show a turnaround commitment, the source said.

Jet Airways on Thursday said it is in talks with employees and key stakeholders to implement cost reduction measures such as cuts in salaries of staff.

In letters sent to pilots earlier this month, Jet Airways proposed they either take 30-50 per cent salary and stipend cuts, or quit.