Tuesday, July 06, 2021

95% of Jet Airways staff needs to vote in favour of proposal by new owners or lose benefits

Staffers of Jet Airways have until August 4, 2021 to decide on the offer presented to them by its new owners.

According to a report in Times of India, 95% of the employees of the airline have to agree to the package by the Jalan-Kalrock consortium or risk losing the benefits.

The voting on the same began on July 5 and will end on August 4, 2021.

The package offered to employees includes cash payments of Rs 11,000 to Rs 22,800. They will also get phone, iPad, laptops out of the existing IT assets of the airline, the report added. Apart from this the employees will also get 0.5% equity stake in the revived airline and a welfare trust.

Jet's creditors have taken an almost 95% haircut under the resolution plan. The winning consortium has proposed to pay Rs 385 crore against claims of Rs 7,808 crore raised by its financial creditors.

The airline is getting ready to fly again after the NCLT gave its nod to the resolution plan by Jalan-Kalrock consortium.

On June 22, the tribunal, while approving the resolution plan, also made it clear that it will not give any direction on the issue of airport slots for the airline, citing that the matter will be handled by the government or the appropriate authority concerned.

06/07/21 Economic Times

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


Post a Comment