NEW DELHI : No-frill carrier SpiceJet Ltd has initiated a 10-30% pay cut for all its employees across top and mid rung levels due to the impact of covid-19 on its operations, the airline said in a statement on Tuesday.
This development comes days after rating agency CRISIL Ltd downgraded the rating for Spicejet Ltd’s long term loans from “BB-” to “B” due to “significant deterioration of business risk profile” apart from cutting the outlook in rating from positive to negative.
The airline’s chairman and managing director, Ajay Singh, has also opted for a 30% cut in his March’s salary.
