SpiceJet extends ESOP scheme to mid-level workers, critical resource staff

budget carrier has extended its employee stock ownership plan (ESOP) scheme to certain mid-level employees as well as “critical resource” staff for the role they played in the company amid the COVID-19 crisis, sources said on Tuesday.

Critical resource staff is a set of employees who are not easily replaceable. Under the ESOP scheme, employees get company shares that vest over a period of time. Till now, SpiceJet’s ESOP scheme was for the top management only.

has been going through a tough time for the last few years. The airline reported a net loss of Rs 934.8 crore and Rs 998.3 crore in 2019-20 and 2020-21, respectively.

The airline’s decision to grant ESOP scheme to mid-level employees as well as critical resource staff comes at a time when two airlines — revamped Jet Airways and new carrier Akasa Air — are planning to start flight operations this year. The entry of these carriers has created more job opportunities in the aviation market.

According to sources, the airline sent an e-mail to select mid-level and critical resource staff, telling them that “in the last three years, you all have been outstanding and have demonstrated great dedication and resilience” and the management of will like to express highest gratitude for the “hard work done by each one of you”.

Therefore, to express sincere appreciation, the airline is launching ESOP scheme for employees, the e-mail said, the sources mentioned.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard,

Digital Editor

Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button