Business News | After Clearing GST Dues, SpiceJet Clears Four Months Pending Salary of Employees
Get latest articles and stories on Business at LatestLY. The airline had been grappling with financial woes and unpaid employee salaries for the past many months.
New Delhi [India], October 1 (ANI): After clearing pending GST dues, airline SpiceJet has credited the four months pending salaries of its employees.
The airline had been grappling with financial woes and unpaid employee salaries for the past many months.
A week ago, the airline has cleared all pending salaries, much to the relief of its workforce, ahead of the festive season.
"I am still in shock! Getting four months' salary in the last five days was unexpected. It's like Diwali came early!" said Vishnu Prasad, an executive at reservations department.
"I was worried about my family's future. I am so happy that the management has kept its word. We were promised all dues would be cleared by September 30 but they did it much before. I am proud to be part of this team!" said Manish Kumar, a security staff.
A airport staff, Deepak Singh, still processing the sudden shift, remarked, "I honestly couldn't believe it when I saw my account. Three months of salary paid in one go and then getting my September salary on time, it's a huge relief."
These developments have come after the airline raised Rs 3,000 crore through a Qualified Institutional Placement (QIP).
The QIP attracted a diverse range of top-tier institutional investors and funds, including marquee names such as Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd.
Along with employee dues, the airline has also cleared outstanding GST payments, signalling a broader effort to rectify its financial standing.
With plans to introduce new aircraft, expand its routes, and restore its network, SpiceJet is signalling its intent to regain a stronger position in the competitive aviation market.
Employees, now relieved and re-energised, are ready to resume their roles with optimism, hoping to see the airline reclaim its foothold in the sector. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)