Mumbai, August 3: A few days back, the news came that Jet Airways has informed its employees that they will have to take a pay cut up to 25 percent. In a recent report on the Economic Times, the airline has further informed its employees that it will not be able to operate beyond 60 days unless the cost-cutting measure is immediately put into effect. The management team has briefed their employees about the bad financial condition, and the drastic need to take measures on reducing the spiraling costs.

This announcement has led to panic like situation among the employees, and to help them tide through the situation, Jet Airways has decided to waive the bond terms of seven years of Rs 1 crore for its first officers, and the mandatory one year notice period for pilots, commanders. Jet Airways Riyadh-Mumbai 9W 523 Flight Aborts Takeoff, Skids off Runway

Two days back, the news came out that the pay cut will be in the range of 5 percent to 25 percent starting this month. 5 percent cut will be for those employees whose annual package is 12 lakh, and 25 percent cut will be for employees earning Rs 1 crore, and above.  Reportedly, founder Naresh Goyal met his employees in Mumbai and told them that the pay cut would be there for 24 months, and there will be no refunds. Reportedly, Jet Airways has an annual salary bill of about Rs 3,000 crore, and this move is expected to reduce it by about Rs 500 crore.

(The above story first appeared on LatestLY on Aug 03, 2018 10:40 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).