Jet Airways averts pilot strike – for now
Cash-strapped Jet Airways has reluctantly agreed to pay the remainder of December salaries of pilots and mechanics to ward off a mass strike.
The airline, which has grounded dozens of planes due to outstanding lessor payments, has said it would pay the remaining December wages but is not yet in a position to clear all salary arrears.
The airline has debts of more than $1 billion and was bailed out by state-run banks last week.
However its future still remains uncertain.
"These are complex processes and it has taken longer than we had expected and as such we are only able to remit your remaining salary for December 2018," CEO Vinay Dube wrote in a memo to employees, according to Reuters.
"We realise that this remittance does not lift the financial hardship that each of you are facing and we do not take your sacrifices for granted."
"We continue to work on additional funding on an urgent basis," he said, adding that further arrears will be paid as additional funds come in.
That averted a strike of more than 1,000 pilots, with the union giving the airline two weeks to clear all outstanding pay.
However, there is little chance of that happening under its current plight unless the banks extend their line of credit.
Pilots and mechanics are still owed salaries from January to March 2019.
The airline reiterated ‘every effort is being made to inject adequate liquidity.’
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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