Air India defers March salary by a week

Mumbai: Facing a severe cash crunch, Air India has deferred payment of March salary to its employees by a week to April 7, instead of the usual practice of paying it within the month, airline sources said on Friday.
This is the second time in the recent past that the national carrier has had to defer salary payments. In June last year, it had postponed salaries by 15 days due to non-availability of funds.
The cash crunch caused by the ongoing recession in the aviation industry and other committed payments, including interests on the aircraft delivered, has led to the decision, the sources said.
National Aviation Company of India Ltd has been incurring losses since its inception with Rs 2,226 crore in 2007-08 and about Rs 5,500 crore in 2008-09.
26/03/10 Business Line

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Categories: NACIL Mar 2010