Mumbai: Faced with increasing cost and falling revenue, private airline Jet Airways decided to terminate the contracts of some "identified" employees who have superannuated.
"Jet Airways undertakes additional measures to streamline costs to improve the financial health of the company under the challenging global economic environment. The airline has issued notices of termination to identified employees on contract, who have superannuated," a Jet spokesperson said.
Sources, however, said contracts of 50 employees were up for due which eventually were not renewed.
The affected employees are all above 60 years of age and are in the rank of managers and senior managers. They are from engineering, planning and some other departments, they said.
Sources also said the company would not be announcing any increment for employees this year. They further added that the already announced hikes have also been withdrawn.
Faced with mounting financial losses, the airline six days ago only slashed salaries by up to 25 per cent of all its employees drawing a gross salary of above Rs 75,000 per month.
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