SpiceJet Layoffs: India-Based Airlines Lays Off Around 2,000 Employees Its Workforce in FY24 as Part of Financial Reorganisation Strategy

Gurgaon, December 9: SpiceJet, India's sixth largest airline, reduced its headcount in FY24, affecting thousands of employees. The SpiceJet layoffs led to the removal of nearly 2,000 people from the company, including permanent and non-permanent positions. India-based SpiceJet Airlines reduced these employees as a part of its financial reorganisation strategy.

Reports suggested that the SpiceJet layoffs affected hundreds of males and females during the fiscal year 2024. Despite these job cuts, the airline raised the pay for n those who made more than the minimum wage. The layoffs affected 716 males and 618 males, who were permanent, 513 non-permanent males and 30 females. Boeing Layoffs Begin: US-Based Aviation Giant Starts Issuing Notices to Employees As Par of Its Plan To Reduce 17,000 People, 10% of Workforce.

The reports said the minimum wage increased by 74% from 61%, and the women's minimum wage was raised from 37% to 56%. Besides, the company raised the amount for the non-permanent employees from 1% to 8% for males and 2% to 16% for females. ET reported that despite these wage increases, the males earned higher than the females, leading to disparity.

The report suggested that the SpiceJet layoffs were attributed to a 9% decline in salary and benefits/expenses. They became INR 7,705.44 million in FY24, which was earlier INR 8,438.71 million in FY23. Besides, SpiceJet's overall income fell 14% to INR 84,969.69 million, and operating revenue also decreased by 21% to INR 70,499.74. The reports suggested that the operating revenue fell due to decreased fleet utilisation. AMD Layoffs: NVIDIA-Rival Faces Announces Laying Off 1,000 Employees From Global Workforce To Align Resources, Focus on AI Chip Development.

The airline reported a rise in other incomes by 38% to INR 14,469.45. In terms of financial health and fleet management due to asset monetisation. The company reported an INR 4,094.39 million fall in net loss from INR 15,030.15 million. The EBITA of SpiceJet improved to INR 7,714.71 million. During the Annual General Meeting (AGM), SpiceJet is planning to consider the approval of shareholders to raise authorised share capital to INR 2,000 from INR 1,500 and vote for the reappointment of Ajay Singh as director and appointment of Sonum Malhotra as an independent director.

(The above story first appeared on LatestLY on Dec 09, 2024 09:03 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).