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India's Jet Airways Defers 25% of Salaries

Jet Airways Defers 25% of Salaries

2018 10 01

2018 10 01

Jet Airways has deferred the payment of 25% of wages for August by up to two weeks, the Times of India has reported. The cash-strapped carrier had already delayed the payments from September 11 to September 26.

The airline said earlier this month that only half of the salaries of pilots, engineers, and other senior staff would be paid on time on September 11. The other half was due for transfer on September 26, but half of this instalment - or a quarter of the entire salary - has now been postponed further.

"The company is committed to honour its obligations and shall make every effort to release the remainder by October 9, 2018," chief people officer Rahul Taneja said in an e-mail to staff.

Jet Airways warned its staff earlier this month that wages for September and October would also be paid in two instalments each.

The Indian carrier is in a serious financial crisis after having lost INR13.3 billion (US$190 million) net between April and June 2018. Jet had a total debt of INR81.5 billion rupees (US$1.2 billion) as of March 31, 2018.

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