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India's leading private airline company Jet Airways announced on Friday (April 24) about the temporary reduction of salaries of its management staff. According to the company, the new decision is a part of its cost saving measures initiated in the face of slowdown in aviation industry. While interacting with the media, an official of Jet Airways informed that the company will implement the new move from May, 2009.
The company official also added that Jet Airways will cease the payment of bonus to its senor management staff. According to Jet Airways, the employees earning a gross monthly salary of Rs 75,000 and above will come under salary reduction norms. The company is likely to reduce salaries by up to 25 percent for the above-mentioned employees.
According to sources, the financial condition of the company is becoming precarious which has forced it to take the recent decision. The company has incurred huge financial losses in the wake of global recession. A recent report also claimed that the Naresh Goyal-controlled company has been considering to cut its fleet. The company has been planning to lease out around 15 aircrafts from this fleet. Jet Airways is the second largest airline by market share, after Kingfisher Airlines. Currently the company operates around 87 aircrafts on domestic and international sectors.
