Jet Airways can only sustain 2 months with present revenue, pilots urged to take heavy pay cuts

The future of the leading private airline Jet Airways seems a bit shaky as the company has been facing severe financial turbulence for a few months now.

On Wednesday, the top brass including the chairman, Naresh Goyal met pilots and stakeholders to discuss the future course of action to revive the airline.

With the present revenue available, Jet Airways can sustain its operations only for the next two months. If no immediate action is taken, the airline may run out of revenue and funds to continue operations. The management knowing the gravity of the situation urged pilots to take a hefty 15 per cent pay cut for 24 months.

The company mentioned that the on-time performance of the brand has been badly affected. Sources said the reason behind the financial burden was the increase of fuel prices and market taken over by its competitor IndiGo. Many ground crew, too, in the recent years have quit the airline. The airline has not expanded significantly over the last six years and the pilots blamed the management for the bad decisions.

The pilots questioned the management that why should they take a pay cut for decisions taken by management? Sources said pilots in the meet said that their voices haven’t been heard over years now. Pilots pointed out that profitable routes were shut down and JetLite crew were underutilised.

When contacted, Jet issued a statement, “In line with its stated focus of creating a healthier and a more resilient business, Jet Airways has been implementing several measures to help it reduce cost as well as realise higher revenues, for desired business efficiencies. Some of these include sales and distribution, payroll, and maintenance, among many others. As part of this approach, the airline management is in dialogue with key stakeholders to enlist their full support and cooperation for realising necessary savings across all parts of the business.”

The statement further said, “The airline is committed to create a growth-oriented, sustainable future, and a revitalized guest experience armed with the addition of 225 B737 MAX fuel-efficient aircraft which will be inducted in its fleet over the next decade, and of which, 11 are slated to join within this financial year. The airline refutes and strongly condemns the speculative comments of/from certain vested interests, who are making deliberate attempts to undermine Jet Airways transformation efforts.”

However, in the recent times, market leader IndiGo also suffered 98 per cent loss of revenue in the last quarter. IndiGo attributed their loss to rising fuel prices.
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