Jet Airways cuts pay of senior staff

In view of the global economic meltdown coupled with mounting financial losses, Naresh Goyal-run domestic private air-carrier, Jet Airways, has slashed salaries by up to 25 per cent for all its employees drawing a gross salary of above Rs 75,000 per month.

"Huge financial losses have forced the airline to slash salaries by up to 25 per cent to all its employees drawing a gross salary of above Rs 75,000 per month," an industry source said.

A Jet Airways spokesperson confirmed the pay cuts but said that the move was only temporary and once the situation improved, it would do a revision. The salary cuts range from 5 to 25 per cent and include the top management.

In addition, other perks like car facilities and car maintenance allowances have also been withdrawn from May onwards, the source said. While the top management faces a 25 per cent pay cut, those drawing a salary of Rs five lakh and above would have to take a 20 per cent cut, the source said.

Salaries of employees in the Rs two-five lakh bracket have been cut by 10 per cent, whereas those employees getting Rs 75,000-2 lakh have to take a five per cent cut.