Jet Airways Crisis of Payments.
Jet Airways Salaries of its senior staff has been somehow cleared for August. However, it adds that September payments will be delayed.
Crisis-hit Jet Airways cites paucity of funds and has resorted to staggered payment plan.
Jet Airways Salaries . “We have received the remaining 25 per cent of our salary and with this payment, the airline has cleared our August salary dues. But it has still to disburse the September salary,” a Jet Airways pilot associated with the National Aviators Guild (NAG), which represents around 1,000 pilots of Jet Airways, told media.
Jet Airways Chief People Officer Rahul Taneja said, “These delays are unavoidable. I sincerely regret that owing to unprecedented circumstances, including the continuing rise in the price of Brent fuel and the appreciation of the US dollar, there will be a delay in the payment of the September 2018 payroll.”
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Jet Airways clarifies.
In a statement, the Jet Airways said it remains committed to honour the obligations.
“While the company has been diligent in running its payroll as per schedule for all employees, it is only in the last couple of months that the schedule has been impacted due to unavoidable reasons.
“Despite these challenges, the company has ensured that 85 per cent of its employees are paid salaries on time while those of the leadership, pilots and engineers have been delayed,” it said.
Breather from Etihad.
Jet Airways, a full service carrier, has been struggling to raise capital for its various payment obligations. It received a breather from its loyalty programme Jet Privilege Private Ltd. JPPL, a joint venture with Etihad, offered about Rs 258 crore for the advance purchase of discounted tickets. JPPL is 50.1 per cent owned by Etihad Airways, while the rest 49.9 per cent is with Jet Airways.
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