Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Jet Airways asks junior pilots to furnish Rs1 crore bonds
BackBack

Jet Airways asks junior pilots to furnish Rs1 crore bonds

The pilots' union of Jet Airways says the airline has asked junior pilots to furnish surety bonds worth up to Rs1 crore and serve the company for at least five to seven years

Jet Airways has more than 200 junior pilots, including those undergoing training. Photo: Abhijit Bhatlekar/MintPremium
Jet Airways has more than 200 junior pilots, including those undergoing training. Photo: Abhijit Bhatlekar/Mint

Mumbai: Jet Airways has asked junior pilots to furnish surety bonds worth up to Rs1 crore and serve the airline for at least five to seven years, union officials said.

The development comes at a time when many of its junior pilots have been asked to take 10 days off every month, a move that would result in up to 30% pay cut, as part of cost saving measures.

Officials at the National Aviator’s Guild (NAG), the pilots’ union of Jet Airways, said the bond requirement has been communicated to the junior pilots.

These pilots have been asked to furnish surety bonds worth Rs1 crore and the development also comes as the airline has “unilaterally" decided on salary cuts for them, officials told PTI.

“No new bonds (have been) asked for. It is just a pattern that has been introduced," a Jet Airways spokesperson said. He was responding to a query whether the airline has asked its trainee pilots to sign a bond amount of up to Rs1 crore.

The spokesperson was also asked the junior pilots have to serve the airline for 5-7 years and face encashment of the bond in case of failure to serve that tenure.

Officials at the NAG said plans to meet the airline management this week to discuss the pay cut proposal as it has been done in a unilateral manner.

Jet Airways has more than 200 junior pilots, including those undergoing training.

“As an interim measure, we shall be offering you a lifestyle work pattern which entails 10 days block off per month with the appropriate remuneration...This will be effective from 1 August 2017," the carrier said in a letter to many junior pilots last week.

The NAG would be taking up the matter with the management soon, officials added.

On 20 July, Jet Airways said that certain developments in the market, including that in the Gulf region, as well as its continued efforts to enhance internal efficiencies, have resulted in the review of network, fleet and crew utilisation.

Consequently, as a proactive measure, the company has made interim alignments to its crew work patterns, which will be reviewed in future, in line with network growth, the spokesperson had said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 23 Jul 2017, 05:10 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie