SpiceJet has reportedly deposited the tax deducted at source (TDS) of all its employees for the financial year 2021-22. The employees have been told that they will receive their Form 16 in a couple of weeks.
The Airline, which has been battling financial issues for some time, has also decided to credit a sizeable fraction of the provident fund contributions of all employees.
Last month, that is, September 2022, the Airline gave increments in salary, of about 20 per cent, to its captains and senior first officers. These increments will come into effect this month, that is, October.
The carrier has received financial support via the Government’s emergency credit line guarantee scheme or ECLGS. Under this scheme, the Airline is set to receive another Rs 1,000 crore.
SpiceJet had incurred a net loss of Rs 789 crore for the June quarter as well as Rs 458 crore for the quarter that ended in March 2022.
As per ETNow, Ajay Singh, the promoter of the company — who holds 60 per cent stake in the Airline — is attempting to sell some of his stake in SpiceJet.
The Directorate General of Civil Aviation (DGCA) had ordered SpiceJet to fly only 50 per cent of its flights till 29 October 2022.
In September 2022, it even asked about 80 of its cockpit crew to go on unpaid leave for a period of three months.
The Airline had said that this move was aimed at avoiding laying off any employee.