Business Daily from THE HINDU group of publications
Sunday, Apr 26, 2009
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Business Daily from THE HINDU group of publications Sunday, Apr 26, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Human Resources Corporate - Announcements
Our Bureau Mumbai, April 25 Jet Airways announced a temporary cut in the salaries of its management staff on Friday, as part of its cost restructuring exercise. According to an e-mail statement, the company said it is taking this step to meet the challenges of the global downturn in the economy and in aviation in particular. “The airline will discontinue some senior management perks and undertake a graded temporary salary reduction for its management cadre to be effective from the month of May 2009. This temporary salary reduction will only apply for employees earning a gross salary of Rs 75,000 and above,” it added. In November last, the Mr Naresh Goyal-owned private carrier proposed to cut staff salaries by 5-25 per cent. It was decided that the reduction will be according to salary grades – five per cent for those in the Rs 75,000-Rs 2,00,000 bracket, 10 per cent for Rs 2 lakh-Rs 5 lakh bracket and 20 per cent for those drawing up to 10 lakh. Jet’s management had also proposed a reduction in its pilots’ salaries by 20 per cent. However, the pilots opposed the move saying they would not accept any cut so long as the airline employs foreign pilots. A spokesperson from Jet said on Friday that there has been “no reduction in their (pilots and cabin crew) salaries.” She added, it is a temporary move and once the situation improves the management will re-look into the matter. On the BSE, Jet Airways stock price closed flat at Rs 203.35 on Friday. Sahara India takes Jet Airways to court again More Stories on : Human Resources | Announcements | Jet Airways (India) Ltd
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