SpiceJet, which celebrated 18 years in the aviation industry on Tuesday, announced that they had increased the monthly pay for their captains to 7.5 lakhs for logging 75 hours of flight time. A tenure-linked loyalty reward for captains has also been introduced. SpiceJet also disclosed that first officers and trainers will receive salary increases in line with those changes.
“Salary of captains has been increased to ₹7.5 lakh-a-month for 75 hours of flying. The hike will be applicable from May 16, 2023,” said the airline. The loyalty reward scheme was also covered in detail in the announcement. The release announced a tenure-linked, up to $1,000,000 monthly loyalty reward for its captains. The release stated that this sum will be in addition to their monthly compensation.
Notably, in November 2022, the airline revised the pay for its pilots, raising the salary of captains to Rs. 7 lakhs per month for 80 hours of flying. SpiceJet has been dealing with opposition from its staff over a salary delay.
SpiceJet Chairman and Managing Director Ajay Singh informed staff earlier in the day that a restructuring exercise is underway to further reduce the airline’s liabilities as part of the airline’s overall growth strategy. This will enable the airline to pursue its growth targets with efficiency and focus.
In addition, SpiceJet revealed lower airfares in celebration of its 18th birthday. The domestic low-cost airlines have announced that their first flight’s ticket price is 1,818.
The airline with its headquarters in Gurugram has announced a special offer for domestic one-way fares starting at just 1,818. The promotion is available on routes such as Mumabi-Goa and Bengaluru-Goa. From May 23 to May 28, passengers can take advantage of the sale. Flying under the offer is possible from 1 July to 30 March 2024 for passengers.
Along with these developments, Spicejet’s stock price also dropped to a new 52-week low. On the BSE, the stock fell by just over 19%.
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