Jet Airways (JAI, Mumbai International) has asked its junior pilots to decrease their work days and to take pay cuts of 30 – 50% or risk losing their jobs, reports The Economic Times of India, citing unnamed sources. The move is necessary, the airline says, to cut costs as it undergoes fleet and network rationalisation.
"Certain developments in the market, including that of the Gulf region, as well as our continued efforts to enhance internal efficiencies, has resulted in the review of our network, fleet and crew utilisation," a spokesman for the carrier said in an emailed statement.
The changes are expected to take effect on August 1, and will effect about 20% of the carrier's approximately 2,000 pilots.
Part-owned by Etihad Airways (EY, Abu Dhabi International), Jet is actively looking for other foreign equity partners to invest USD200-250 million to help fund its growth plans.
