Economy

Jet Airways' Employees Protest Over Pay Delay

Jet Airways' Employees Protest Over Pay Delay

Currently, the management has been told that the lead bank of the consortium, SBI, is willing to infuse almost Rs 20 crore every day until May 7, but the management of Jet Airways has conveyed that amount of money will not help in a business like aviation, where there are a lot of uncertainties.

Earlier in the day, the guild, which has around 1,100 pilots as its members, chose to stop flying from 15 April in protest against non-payment of salaries since March. Jet Airways further defaulted on salary payments for the month of March 2019 to other categories of employees.

Meanwhile, the airline extended the suspension of its services to Toronto and Paris from Chennai and back, besides withdrawing services from SAARC and ASEAN routes for an indefinite period.

The pilots of the cash-strapped Jet Airways who had been threatening to go on strike if their salaries are not paid, will hold a meeting on Monday before taking a final call on the strike.

Around the same time, the company announced it was low on working capital. The airline's staff was last paid for December 2018. The pilots, engineers and cabin crew of the airlines assembled at the headquarters on Monday morning to show their solidarity.

A Business Standard newspaper report on Sunday said Jet's lenders, led by the SBI, are considering a proposal to infuse 10 billion rupees ($145 million) to keep the airline afloat once Jet submits a plan on how it intends to use the money. However, on March 31, it deferred the agitation to April 15, saying it wanted to give additional time to the new management to settle down prior to addressing its pending salaries issue.

More news: Wilson agrees to $140 million extension, now NFL's top-paid

The airline is operating just 6-7 planes, with nearly its entire fleet being grounded due to non-payment of rentals to lessors amid severe paucity of cash.

It has also closed reservations for its Mumbai-London, Mumbai-Amsterdam-Mumbai and Bangalore-Amsterdam flights, up to April 18, according to the information.

Jet's fleet has been cut from 120 in January to just seven planes.

In a statement, Jet Airways said it has cancelled all worldwide flights until 18 April.

Jet Airways' stock was off 7.6% at Tuesday's close.

Late last month Jet Airways chairman Naresh Goyal announced he would step down from the board of the Indian airline as well as reducing his stake in the carrier.


  • PlayStation 5 Details Revealed, Not Coming In 2019

    PlayStation 5 Details Revealed, Not Coming In 2019

    Like the PlayStation 4 , the CPU will be an eight-core chip but should allow a massive leap in performance and power efficiency. For now, it's believed that Sony unveiled their first details regarding the system because they'll not be attending E3 2019.
    Gallery: Notre Dame, the day after

    Gallery: Notre Dame, the day after

    But more than 400 firefighters managed to extinguish the flames and preserve the stone structure of the 12th-century cathedral. For Olivier Lebib, who has lived in Paris for 40 years, it is necessary for the cathedral to be restored to its former glory.
    Three killed in aircraft runway accident near Everest

    Three killed in aircraft runway accident near Everest

    Hundreds of foreign climbers head to Mount Everest in April during the commercial expedition season, which lasts until May. Following the crash, authorities suspended services at Tenzing Hillary Airport at Lukla, the gateway to Mount Everest .
  • S. Korea's Moon seeks fourth summit with Kim

    S. Korea's Moon seeks fourth summit with Kim

    According to the agency, the Russia-North Korea summit is likely to be held in the Far Eastern city of Vladivostok. Kim blamed the collapse of the second summit with Trump on what he described as Washington's unilateral demands.
    Microsoft may be developing 'Surface Buds' to take on Apple's AirPods

    Microsoft may be developing 'Surface Buds' to take on Apple's AirPods

    It can offer 'proactive guidance, read you emails, or kick off your conference call, ' according to the firm. Apple launched its $199 AirPods 2 earlier this month with handsfree Siri activation earlier this month.
    OnePlus 7 Pro rumoured to launch in May with two other variants

    OnePlus 7 Pro rumoured to launch in May with two other variants

    The OnePlus 7 will again come with an in-display fingerprint scanner and will have an impressive screen-to-body ratio. Apart from the 48-MP sensor, the rear camera will also feature a wide-angle camera and a depth sensor/TOF sensor.
  • Nick Jonas Opens Up About Wife Priyanka Chopra’s ‘Dostana’ With Sophie Turner

    Nick Jonas Opens Up About Wife Priyanka Chopra’s ‘Dostana’ With Sophie Turner

    Following that particular encounter, Priyanka Chopra and Nick Jonas went on to date for a year and a half before getting engaged. We've seen them holidaying together, giving each other a shout out on social media and even star in the Sucker video.
    Bernie Sanders town hall delivers a ratings bonanza for Fox News

    Bernie Sanders town hall delivers a ratings bonanza for Fox News

    The backdrop for the town hall was an abandoned steel plant in Bethlehem, Pennsylvania, the heart of a 2020 battleground region. Sanders and his wife, Jane, had an adjusted gross income of $561,293 in 2018, paying a 26 percent effective tax rate.
    Israeli spacecraft crashes in attempt to land on moon

    Israeli spacecraft crashes in attempt to land on moon

    Beresheet will land on a plain of lava, if all goes according to plan. Moments later, the mission was declared a failure. The contest ended a year ago with no victor .
  • College Senior Falls to Her Death From Fordham University

    College Senior Falls to Her Death From Fordham University

    According to the report, Monfries slipped and fell down the inside of the tower. Barnabas Hospital in serious condition.
    Honor 20 Series to be announced on May 21

    Honor 20 Series to be announced on May 21

    So, stay tuned for further updates from Honor Malaysia regarding the new triple camera phone on this coming Wednesday, 17 April. It also supports Super Charge for fast charging so you can get 55% battery level within 30 minutes of charge.
    Forza Street Announced And Released On PC, Coming To Mobile

    Forza Street Announced And Released On PC, Coming To Mobile

    Microsoft says it is designed for “racing on the go with streamlined controls that focus on timing of gas, brake, and boost”. We're not sure what al has changed in the transition to Forza , but fortunately it's still free to play .