After Jet Airways asked its junior pilots, who joined the brand in 2016, to take a 30 percent pay cut or leave, the full-service airline has now reportedly asked its pilots to furnish surety bonds of up to Rs 1 crore. This is said to be the airline's way of making sure that the pilots stay with the company for at least five to seven years.
The National Aviators Guild (NAG), which is Jet Airways' union, has said that the information has been passed on to the junior pilots. "They (junior pilots) have to give a seven year bond of Rs 1 crore, non-depreciating," the Times of India quoted a source as saying.
However, Jet Airways' spokesperson told the Press Trust of India that the carrier has not asked for any kind of bond. "No new bonds (have been) asked for. It is just a pattern that has been introduced," the Jet Airways spokesperson said.
The NAG now plans to meet the airline's management to discuss the bond as well as the pay cut notice that was sent to the junior employees last week. In a bid to trim costs, Jet Airways had made a few changes to the pilots' contracts and it will now be mandatory for them to take 10 days of leave in a month apart from their weekly offs, which in turn will result in a 30 percent reduction in their salaries. The pilots have been given until the end of the month to take a decision.
"As a valuable asset to the company, we would like to ensure your continued employment while simultaneously balancing our cost structure. 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 August 1," the private full-service carrier told its employees in a note, according to Reuters.
The note also said that in case the pilots are not happy and unwilling to take up the new offer, and instead want to quit they will have to notify the company of the same by July 31, after which the necessary formalities would be facilitated. Pilots who decide to leave will also not be asked to serve the usual six months notice period and will be allowed to leave early.
Speaking about the development, Jet Airways had explained that market developments and the economic slowdown in the Gulf region had forced the company to formulate new policies.
The move is said to have affected about 320 junior pilots. Jet Airways currently has a fleet of 113 aircraft and flies to 65 destinations worldwide. The full-service airline plans to add eight more this fiscal.
