‘Hands are tied... Can't sleep at night’: Despair over jobs as Jet Airways grounded

Agencies
April 19, 2019

New Delhi, Apr 19: Bhoja Poojari has handled baggage for India's Jet Airways Ltd since it began flying nearly 26 years ago. Now, like many other Jet employees, he fears for the future as the debt-laden airline descends into crisis.

"If this continues, I do not know what to do," said the 53-year-old father of two, who has not been paid in nearly two months and may be forced to sell his house.

"I feel like my hands are tied and I can't sleep at night," Poojari told Reuters. "I haven't told my children anything. They are very young, but they know something is wrong."

Thousands of employees have been stung by the rapid unravelling of Jet Airways, which, saddled with more than $1.2 billion in bank debt, grounded all its planes on Wednesday after lenders rejected a plea for emergency funds.

The shutdown has deepened the crisis as dues to lessors, staff and suppliers pile up and lenders scramble to find a buyer for what was once India's largest private airline.
Jet Airways CEO Vinay Dube told employees on Wednesday that the sale would take time and could throw up more challenges, but he was confident the airline would fly again.

Failure would threaten more than 16,000 staff jobs and thousands more tied to the airline, which at its peak operated over 120 planes and more than 600 daily flights.

More than a dozen employees told Reuters they had gone two to four months without pay. Many grapple with unpaid bills, overdue home loans, school and tuition fees.

"We have stopped going out for movies, to restaurants or any other form of entertainment," said a Jet engineer, who is self-tutoring his children after cancelling private tuitions.

He is listed as a defaulter in his community for failing to meet his building maintenance fee payments. "It's a huge stigma for my family," he said, declining to be named.

'Save our family'

Hundreds of angry employees have protested in New Delhi and Mumbai, accusing management of leaving staff in the dark about the airline's worsening crisis.

"Management never gives us a clear picture," airline union leader Chaitanya Mainkar shouted during a protest at Mumbai's international airport on Friday where employees chanted slogans and waved posters that read "Save Jet Airways, Save Our Family."

Jet pilots appealed for intervention from Prime Minister Narendra Modi, who is facing wider criticism over the scarcity of jobs as he campaigns for re-election in polls now underway.

Last month, Modi asked state-run banks to rescue Jet Airways without pushing it into bankruptcy, averting thousands of job losses. But the airline never received the agreed stop-gap loan of about $217 million.

"At least now we know the talks about caring for employment, creating jobs is all an eyewash," Captain Asim Valiani, vice president of the National Aviator's Guild representing Jet pilots, told Reuters after the shutdown.

"I've been with Jet for 23 years and am shattered today. I don't know what I will tell our pilots," he said, adding the guild would take the airline to court to seek unpaid wages.

Murky future

Jet Airways has lost key employees as the crisis unfolded.

About 400 pilots have moved to other airlines, leaving Jet with about 1,300 pilots, said a senior Jet pilot. About 40 engineers have also left, a senior engineer said.

Some veteran employees remain loyal to the airline and hope it can be restored to its former glory.

"I have worked here from the beginning - first day, first show," said Anil Sahu, a 50-year-old baggage handler with 25 years of service.

"Even after all of this, we have trust in Jet. It's a tsunami that has come, but we hope everything will return to normal," he said.

Other senior employees like Poojari say they will struggle to find work if the airline fails.

"If I had quit earlier there was still a chance of moving on, but after 26 years and having crossed 50 (years of age), where will I find a job?"

Comments

Ahmed
 - 
Saturday, 20 Apr 2019

BJP Pm  alredy informed do PAKODA business lets start MODI PAKODA , SHA PANIPRUI YOGI BEEF FRY ,JATLEEY KCIHDY ,AMABANI BEEF BIRYANI,ADNANI GOBI manchurry SMITHA IRANI fried rice ARONB FORK FRY ...

Abdul basheer
 - 
Saturday, 20 Apr 2019

 BJP slogon they say when congress in ruled  indian not developed  after CHOWKIDAR sit in PM seat jetairways flight grounded all employers lost thier job and carriers NOW modi bhakta whom to blame bank looted BSNL employer not get salary from 6 months airport sold to modi friend ADNANI group HAL gifted  to ANIL AMBANI if next CHOWIKAR sit in Pm seat indain will sold to all gujrathi ...indian capital shifted to gujarath delhi changed to MODI NAGAR indian name changed to MODISHA DESH 

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News Network
April 27,2020

Riyadh, Apr 27: The government of Saudi Arabia has signed a SR995 million (approx. Dh972m) contract with China to provide Covid-19 tests for nine million people in the Kingdom.

The Saudi Press Agency, SPA, reported that the decision came "as a result of a phone call made today (Sunday) between the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Chinese President Xi Jinping."

The contract includes providing necessary equipment and supplies, making available of 500 Chinese specialists and technicians who are specialised in performing tests, establishing six large regional laboratories throughout the Kingdom; including a mobile laboratory with a capacity of performing 10,000 tests per day. Saudi cadres will also be trained to conduct daily tests and comprehensive field tests, under the new agreement

The contract was co-signed by the National Unified Procurement Company and Chinese company Huo-yan Laboratories by Dr. Abdullah Al Rabeeah, Advisor at the Royal Court, on behalf of the Government of Saudi Arabia, and Chinese Ambassador to the Kingdom Chen Weiqing, as a representative of the Chinese Government.

The contract is one of the largest contracts that will provide diagnostic tests for the novel Coronavirus.

Tests were also purchased from several other companies from the United States, Switzerland and South Korea, bringing the number of available tests to 14.5 million, covering around 40 percent of Saudi Arabia's population, SPA added.

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News Network
March 6,2020

Mumbai, Mar 6: Harried Yes Bank depositors rushed to ATMs to withdraw cash but faced multitude of problems including closed down machines and long queues, after the RBI placed the bank under a moratorium, capping maximum withdrawals at Rs 50,000 per account for a month.

Aggravating the problems of depositors were difficulties accessing the internet banking channel, which ensured that they can't transfer the funds online as well. At an ATM in south Mumbai's Horniman Circle, with the RBI headquarters overlooking it, the shutters were pulled down.

The guard on duty said the machine was non-operational before he reported to work late in the evening and he was ordered to shut it after 2200 hrs. In the residential area of suburban Chembur, one ATM was dispensing cash but had a long queue of anxious depositors.

One man said it was still possible to withdraw up to Rs 50,000 in multiple transactions from the machine.

However, another machine nearby had run dry within minutes of the RBI announcement, a woman said.

The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender.

For the next month, Yes Bank will be led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.

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News Networkwork
May 14,2020

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

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