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Published on 31/03/2020 5:48:49 PM | Source: Reuters

SpiceJet to cut March salary as coronavirus lockdown hits travel demand

Posted in Stock Market| #Aviation Sector #Stock Market #Spice Jet

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BENGALURU - Indian airline SpiceJet Ltd said on Tuesday it would cut employee salaries by 10% to 30% in March as a nationwide lockdown to contain the spread of the coronavirus crimps travel demand.

"The COVID-19 pandemic and the subsequent (India) lockdown have forced us to take some tough measures to ensure that no one at SpiceJet is retrenched," said Chairman and Managing Director Ajay Singh, adding he had opted to take a 30% pay cut.

Earlier this month, the country's biggest airline IndiGo said in an internal memo that it would cut the salaries of most employees by between 5% and 20%.

India is currently on a three-week lockdown, which is set to end by mid-April.

Global airlines have urged the world's major economies to act quickly to prevent damage to the industry by the pandemic, which according to the International Air Transport Association will cost $252 billion in lost revenues this year.

 

(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Ramakrishnan M.)