Jet employees to raise funds and keep airline in business

Employees have come together with a proposal to re start the suspended operation of the company.

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Jet Airways is used to flying in the sky but this time round it has a dark cloud over its head. Finding an escape route looks bleak and arduous, but  the employees are not ready to give up.

They say when a ship is sinking, the rats are the first ones to leave the ship, by sticking with their company Jet Airways employees are demonstrating massive grit, substance and loyalty. Moreover, they are trying to re-start the suspended operation.

Two associations representing pilots and engineers – SWIP – Society for Welfare of Indian Pilots (SWIP) and JAMEWA — Jet Aircraft Maintenance Engineers’s Welfare Association have written to SBI- State Bank of India chairman, Rajnish Kumar proposing that they would like to take over the airline management by raising INR 7000 crore.

In an appeal to the chairman, employees have proposed that the contribution from them would be realised from their future earnings and increased productivity, as per the initial estimate the contribution of employees over a hypothetical 5-year Employee Stock Ownership Programme (ESOP) is likely to be upward of Rs 4,000 crore.

The employee representatives have said they will secure an investment of up to Rs 3,000 crore from “outside investors.”

This is the first time that employees have come together with a proposal to run the 25 year-old- company which temporarily suspended operation on April 17.

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