SpiceJet has cleared all pending salaries after securing a fresh capital infusion of Rs 3,000 crore. The airline had been delaying salaries due to liquidity crunch.
Photograph: Amit Dave/Reuters
Mumbai Sep 26 (PTI) Domestic carrier SpiceJet has cleared all pending salary dues of its employees after securing a fresh capital infusion of Rs 3,000 crore, a source has said.
The salaries for July and August for all employees, as well as the remaining June salaries for those who were partially paid, were deposited into their accounts on Wednesday evening, according to the source.
A SpiceJet spokesperson confirmed the disbursement of employees' pending salaries.
"Pending salaries of employees were disbursed on Wednesday evening," the spokesperson said on Thursday without divulging further details.
SpiceJet had been delaying salaries to its staff for the last couple of months due to a liquidity crunch.
The airline hasn't paid the provident fund for two and a half years while TDS, which is deducted from employees' salaries every month, has also not been deposited with the government.
On September 23, the airline announced raising Rs 3,000 crore through QIP and an additional Rs 736 crore from the previous funding round, further boosting its financial stability and growth plans.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback