Low cost carrier IndiGo which is India’s largest airline – by market share, announced a pay cut for its employees amid a major fall in revenue due to the coronavirus pandemic.
IndiGo CEO Ronojoy Dutta while warning that the very survival of the airline industry is now at stake, announced pay cuts for the airline employees. As part of the plan, senior management above the vice-president level will take a 25 per cent pay cut.
Pilots and vice-presidents will take a pay cut 15 per cent pay cut. For cabin crew members and other staffers a 5 to 10 per cent pay cut has been proposed. CEO Rono Dutta has proposed a 25 per cent pay cut for himself.
Soon after the coronavirus outbreak the IndiGo share price has taken a hammering with equity crashing to 911 per share.