Salaries will be delayed: Jet airways

New Delhi: Naresh Goyal-owned Jet Airways has informed its employees that their salaries for April will be delayed by a few days. In an e-mail to the employees, Jet told them that instead of May 1, the pay will come early next week. The airline has over 13,000 employees and the remunerations of highly paid ones was deducted recently.
Jet, which has ceded the top private airline slot in terms of market share to Vijay Mallya-owned Kingfisher, lost Rs 253 crore in 2007-08 and the loss in 2008-09 is expected to be much bigger. For instance, in October-December quarter of 2008, it lost Rs 214 crore. Salary accounts for nearly 12% of its operating costs.
In the wake of economic slowdown when travel has been badly hit, the airline like all others has done everything to stay afloat like reducing fleet sizes, cutting flights and salaries. Last year it laid of 1,900 employees and had to take them back after a lot of drama. A Jet spokesperson did not comment on the delatyed salary e-mail where it said the pay would come around May 5, calling it an internal matter of the company. In the past few months, some airlines have been delaying their salaries by many days if not defaulting on them.
02/05/09 Saurabh Sinha/Times of India

To Read the News in full at Source, Click the Headline

Categories: Jet Airways May 2009