Business
Turbulence : Yet To Begin Operations Under New Owner ; Jet Airways To Cut Salaries, Send Many Staff On Leave Without Pay
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Jet Airways, which is yet to resume operations under its new owner, will reduce salaries for various staff and send many employees on leave without pay, amid uncertainty over resumption of its operations.
The measures, which will be effective from December 1 reported PTI , were revealed hours after the winning bidder Jalan-Kalrock Consortium (JKC) said it might take “difficult” near-term decisions to manage cashflows.
The once-storied airline shuttered operations in April 2019 and JKC’s resolution plan was approved under the insolvency process by the National Company Law Tribunal (NCLT) in June last year. However, due to various issues, the airline is yet to restart operations.
