Jet Airways to cut pilots salaries by 20%: Sources
Published on Mon, Nov 24, 2008 at 10:08 | Source : CNBC-TV18
Updated at Mon, Nov 24, 2008 at 15:14
Like this story, share it with millions of investors on M3
0
Like this story, share it with millions of investors on M3
Jet Airways to cut pilots salaries by 20%: Sources
India's largest private carrier, Jet Airways, is all set to announce a 20% cut in salaries of its pilots, engineers, and some other staff, reported sources.
India's largest private carrier, Jet Airways, is all set to announce a 20% cut in salaries of its pilots, engineers, and some other staff, reported sources.
However, Jet Airways' pilots are not accepting the pay cut and have demanded the company to send back all expatriate (expat) pilots, sources reported. Naresh Goyal, CEO of Jet Airways, said the company does not have funds to pay VRS for the old management.
Sources also said employees who are getting up to Rs 5 lakh will face a deduction of 5% and those getting more than Rs 5 lakh as salaries will face a deduction of 10%. There are also reports that a five-member team has been made by the company for cost cutting and that the team will be led by Naresh Goyal.
There are news that more expat pilots will be sacked and nine more aircrafts will be given on lease. Sources added that the company will introduce a reduction in hotel and entertainment allowance and that there will be no training allowance for pilots.
CNBC-TV18 Disclaimer:
This information has not been provided to the stock exchanges, and is source-based.
India's largest private carrier, Jet Airways, is all set to announce a 20% cut in salaries of its pilots, engineers, and some other staff, reported sources. 
