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Layoffs: Cash-strapped airline SpiceJet to layoff about 1,400 employees
The airline has a mounting salary bill of Rs 60 crore. The layoffs are to align company-wide costs with SpiceJet's operational requirements.
The delay in salaries, as well as in depositing the money due to pension funds and taxes deducted from the salaries, has come at a time when the airline owned by Ajay Singh is considering layoffs. (Image source: Moneycontrol)
Indian low-cost airline SpiceJet announced its plan to cut down on its workforce. Around 1,400 employees, which constitutes 15 percent of the total workforce are likely to be given the pink slip.
Confirmed by SpiceJet officials, the layoffs are for aligning company wide costs with operational requirements. This move comes in the wake of a salary bill of Rs 60 crore, which the cash-strapped company is struggling with.
SpiceJet, which has been trying to secure a fund infusion of Rs 2,200 crore, saw hesitancy among investors. The airline company, which boasted a fleet of 118 planes and workforce of 16,000 employees in 2019, today operates around 30 aircraft.
The Delhi High Court directed SpiceJet to settle the outstanding dues which amounted to $4 billion that it owed to two engine lessors. Though the cash strapped company had tried to resolve the dispute through settlement offers, they were rejected by lessors, as explained in reports. The case is scheduled for a hearing on February 21, 2024.
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