Employee Layoff - Latest News Update, Information, Photos & Videos on Employee Layoff at Lokmat Times

SpiceJet Airlines is planning to trim its workforce by 1,400 employees, representing approximately 15 percent of its total staff, as a strategic move to address financial strains and maintain investor confidence. The budget carrier, facing liquidity issues, has confirmed the decision in discussions with The Economic Times (ET), attributing the layoffs to the need for aligning operational costs with company requirements.With a current workforce of 9,000 employees and a fleet of around 30 aircraft, including eight on wet lease from foreign airlines, SpiceJet faces a significant salary expenditure of Rs 60 crore. This financial burden has necessitated a reduction in workforce. According to reports, salary payments have been delayed for several months, with many employees still awaiting their January compensation. The airline has been making efforts to secure a fund infusion of Rs 2,200 crore. According to ET, however, investor apprehension may be impeding the capitalisation process. Despite this, the airline remains optimistic about fund procurement, asserting that funding initiatives are progressing as planned, with the majority of investors onboard.During its peak in 2019, SpiceJet boasted a fleet of 118 planes, employed around 16,000 personnel, and held a domestic market share of 16.3 per cent in October 2019. Operating 516 daily flights, the airline flew to 51 domestic and nine international destinations. SpiceJet financial woes include the arbitral award issued to former promoter Kalanithi Maran and KAL Airways as a part of a 2018 ruling. SpiceJet had last year told the Delhi High Court that it was "struggling to stay afloat" after it was ordered to make this payment. Earlier this month, the low-cost airline was also fined Rs 30 lakh by the Directorate General of Civil Aviation (DGCA), along with Air India, for not rostering sufficient pilots, who are trained to land on low visibility (CAT-III landings) during the fog season.

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Trump Tarrifs

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Employee LayoffFOLLOW

Employee layoff, Latest News

Social Viral :Unmarried? You're Fired! Chinese Firm Issues Controversial Marriage Mandate for Employees

Singles are not allowed here... A China-based company, Shandong Shuntian Chemical Group Co. Ltd., is facing backlash for its ... ...

International :Chinese Worker Fired for Sleeping at Desk; Court Orders Company to Pay Rs. 41.6 Lakh Compensation For Unjust Dismissal

An employee in China was fired for taking a nap for an hour after working late, but the court ... ...

National :Cash-Strapped SpiceJet Announces Layoffs for 1,400 Employees

SpiceJet Airlines is planning to trim its workforce by 1,400 employees, representing approximately 15 percent of its total staff, ... ...