SpiceJet has fully settled its pending employees’ provident fund (PF) dues of INR 160.07 crore, covering a backlog of over two years. This achievement underscores the airline’s commitment to employee welfare and financial discipline.
Over the past three months, following a successful Qualified Institutional Placement (QIP) that raised INR 3,000 crore, the airline has cleared all major statutory liabilities, including Tax Deducted at Source (TDS), Goods and Services Tax (GST) and pending salary dues.
With all statutory obligations now up to date, SpiceJet is poised to benefit from substantial cost savings on interest payments. The airline has been leveraging its internal cash flows since October 2024 to address these dues, reflecting a strengthened financial position and operational rigor.
Ajay Singh, chairman and managing director, SpiceJet, stated, “Clearing all pending employee PF dues marks a pivotal moment in our journey. By addressing long-standing statutory obligations and resolving disputes with lessors and creditors, we are reinforcing our commitment to operational excellence, financial prudence, and employee welfare. Our financial turnaround strategy is on track, and we are well-positioned to deliver exceptional service and achieve sustainable growth.”
Beyond statutory compliance, SpiceJet has successfully resolved several disputes with aircraft lessors and creditors, further bolstering its balance sheet. These efforts toward financial recovery and resilience have been recognised by Acuité Ratings & Research, which recently upgraded the airline’s credit rating by four notches.
This achievement highlights SpiceJet’s focus on fostering a robust operational framework and securing its position as a key player in the aviation industry.
