SpiceJet announces revised salary structure- Rs 7 lakh/month for its Captains; applicable from Nov 1, 2022
Trouble-hit SpiceJet is getting some sort of financial relief from the government's Emergency Credit Line Guarantee Scheme (ECLGS).
SpiceJet, which has been facing turbulent times, announced a revised salary structure for its Captains increasing their monthly remuneration to Rs 7 lakh a month for 80 hours of flying. The hike will be applicable from November 1, 2022, onwards.
Earlier, on October 7, the airlines deposited the Tax Deducted at Source (TDS) of all employees for the financial year 2021-22. As per an internal communication, a significant portion of provident fund contributions of all employees is also being credited.
In September, the loss-making airline hiked salaries of its Captains and senior first officers by around 20 per cent with effect from October.
The government's Emergency Credit Line Guarantee Scheme (ECLGS) is providing some sort of financial relief for the carrier. SpiceJet had posted a net loss of Rs 789 crore for the June quarter as well as Rs 458 crore for the quarter ended March 2022.
The carrier, whose flights have been restricted to 50 per cent till October 29 by aviation regulator DGCA, last month sent 80 of its cockpit crew on leave without pay for three months.
At that time, the airline said the measure, "which is in line with SpiceJet's policy of not retrenching any employee which the airline steadfastly followed even during the peak of the Covid pandemic, will help rationalise the pilot strength vis- -vis the aircraft fleet".
(With PTI/ANI input)
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