Monday, June 15, 2009

Air India salaries to be delayed next month

About 31,000 employees of flag carrier Air India will receive their June salaries only in mid-July as the national carrier attempts to overcome its losses, which were over Rs.4,000 crore (Rs.40 billion/$8.4 billion) during last fiscal, a top official said Sunday.

The July salaries could be delayed by over two weeks, said a senior civil aviation ministry official.

The move comes when Air India plans to seek Rs.5,000 crore in equity capital, Rs.7,000 crore as a five-year soft loan and a special grant of Rs.2,000 crore, the official added.

The airline's losses for last fiscal were about Rs.4,000 crore, while it had accumulated losses of Rs.2,226 crore in fiscal 2007-08.

Minister of State for Civil Aviation Praful Patel had earlier said that the government was likely to soon approve the bailout package for Air India. But he also said that the package would not match Air India's expectations.

No comments:

Post a Comment

Related Posts with Thumbnails