Thursday, September 28, 2023

SpiceJet announces 20% salary increase for pilots, says it will bring back those on leave

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SpiceJet announced a 20 percent salary increase for pilots from October.

This follows last month’s 6 percent pay increase.

Sources said that while the first tranche of the Emergency Credit Line Guarantee Scheme (ECLGS) payment has been received by the airline, the second is expected soon.

In addition, the company will deposit TDS of all employees in the next two to three weeks. And a significant portion of the PF will also be credited.

According to an internal mail to all pilots, senior VP, Gurcharan Arora said the Spicejet has received approval for a loan under the government’s ECLGS scheme. “The first tranche of payment has already been received and the second tranche is expected very soon. Our management is working to raise an additional $200 million.”

The mail also spoke of resuming normalcy in the airline industry and said the airline is moving towards growth and sustainability.

On Tuesday, as a temporary measure to rationalize costs, SpiceJet decided to place some pilots on unpaid leave for a period of three months. The airline said it will initiate MAX aircraft soon and these pilots will be back in service when the introduction begins. During the LWP period, pilots will continue to be eligible for all other employee benefits as applicable, ie all elected insurance benefits and employee leave travel.

SpiceJet airline had previously reported a net loss of Rs 789 crore (Rs 420 crore, excluding forex adjustment) for the quarter ended June 30, 2022 as compared to a net loss of Rs 729 crore in the quarter ended June 30, 2021 as the company was hit hard by record high fuel prices and a depreciation rupee.


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