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Jet Airways to clear pilots’ salaries in installments by April next year

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Crisis-hit Jet Airways on Thursday told its pilots union in a meeting that it will clear the remaining salary dues by April 1, 2019.

Crisis-hit Jet Airways on Thursday told its pilots union in a meeting that it will clear the remaining salary dues by April 1, 2019.
Sources told CNBC-TV18 that Jet Airways will pay 75 percent of October salaries this month. The airline has told the union it will pay rest of the October salaries in January along with 75 percent of the November salaries.
As per the latest schedule, salaries for December and 25 percent of January salaries will be credited to pilots in the month of February, 2019. In March, 2019, the rest of the January and February salaries will be paid to clear the dues.
Pilots in their meeting on November 26 had said that they are looking to clear all dues by November 30, otherwise they will refuse to work overtime. In the same meeting, the pilots were assured of a complete payment schedule soon.
With reports of a deal with Abu Dhabi-based Etihad being sealed soon, the complete payment schedule to the pilots indicate that the ailing carrier is confident of getting cash soon.
Etihad had come to the rescue of the Naresh Goyal-led airline during the earlier downturn too.
In 2013, it had acquired 24 percent stake in Jet Airways for Rs 2,060 crore, besides extending low-interest loan of $150 million as well as purchasing 50.1 percent stake in its loyalty programme JetPrivilege.
The company’s stock ended the day 3.03 percent lower on the BSE, against 1.59 percent decline in the benchmark.
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