SpiceJet extends ESOP scheme to mid-level workers, critical resource staff

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.