Jet Airways, one of India’s oldest private airlines, denied reports that it is on the verge of a shutdown, but admitted it had initiated talks with employees in an effort to cut costs in the face of adverse market conditions.
Reuters reported that the company had urged pilots to take a 15% pay cut to save the company from running out of cash in 60 days.
Jet Airways was trying to lower costs in departments such as “sales and distribution, payroll, maintenance and other areas” and was also letting some employees go, according to the Reuters report that quoted an unnamed source. Others indicated the possibility of a change in ownership. Read More