SpiceJet extends ESOP scheme to mid-level employees, critical resource staff
NEW DELHI: Budget carrier SpiceJet has extended its employee stock ownership plan (ESOP) scheme to certain mid-level employees as well as “critical resource” staff for the role they played in the company amid the Covid-19 crisis, sources said on Tuesday.
Critical resource staff is a set of employees who are not easily replaceable. Under the ESOP scheme, employees get company shares that vest over a period of time. Till now, SpiceJet’s ESOP scheme was for the top management only.
SpiceJet has been going through a tough time for the last few years. The airline reported a net loss of Rs 934.8 crore and Rs 998.3 crore in 2019-20 and 2020-21, respectively.
The airline’s decision to grant ESOP scheme to mid-level employees as well as critical resource staff comes at a time when two airlines — revamped Jet Airways and new carrier Akasa Air — are planning to start flight operations this year. The entry of these carriers has created more job opportunities in the aviation market.
