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IndiGo laying off 10 percent of workforce
Indian market leader IndiGo is cutting about 10% of its workforce.
It had already implemented salary cuts and offered unpaid leave but these measures haven’t been enough to see it through the crisis.
The airline employs about 24,000 workers.
"From where things stand currently, it is impossible for our company to fly through this economic storm without making some sacrifices," CEO Ronojoy Dutta said in a statement.
"After carefully assessing and reviewing all possible scenarios, it is clear that we will need to bid a painful adieu to 10% of our workforce."
IndiGo has a more than 50% of the Indian market and is viewed as the strongest financially by far.
Still, no airline in the world has been immune to pressures of plunging demand due to the Covid-19 pandemic.
IndiGo is aiming to raise about $400 million to boost liquidity, local media reported.
Impacted workers will receive a severance package equivalent to at least three months of salary and other benefits, the carrier said.
by Ray Montgomeery, Asia Pacific editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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