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SpiceJet to buy its pilots lux wheels, if they don’t fly off
NEW DELHI: Budget carrier SpiceJet, which has just about managed to turn around its finances, is offering to buy high-end luxury cars worth up to ₹45 lakh for its
NEW DELHI: Budget carrier SpiceJet, which has just about managed to turn around its finances, is offering to buy high-end luxury cars worth up to ₹45 lakh for its pilots as it struggles to retain them from competition.
According to the policy announced by the Gurgaon-based airline, the company will buy the vehicle on behalf of the employee and will also make the initial down payment, which would be the “company’s contribution”. The down payment would vary depending on the vehicle chosen by the employee.
The equated monthly installment (EMI) will then have to be paid by the employee and would be deducted from his salary. However, this would still be beneficial for the employees as their basic salary would be paid to them after deducting the EMI. This would bring down their taxable income substantially.
“The company will even bear all the expenses in case the vehicle meets with an accident, and will pay the annual car insurance as well. In case a pilot is transferred to a different base, the vehicle will be transported at the company’s cost,” said an official. “The vehicle will remain in the company’s name for four years till the EMI is paid. Once that is done, the vehicle registration will be transferred to the employee.”
However, the employee will have to return the down payment amount and the balance EMI’s in case he leaves the company before four years.
“This is a benefit we are giving to pilots and senior management employees,” said SpiceJet spokesperson Ajay Jasra.
“India has become a hunting ground for cash-rich Gulf carriers, who have been hiring pilots and engineers in droves to cater to their ever-increasing fleets,” said a senior executive of fullservice airline. Perks offered by Gulf carriers such as tax-free salaries, company housing, schooling and medical expenses borne by the airline, makes a flying job with these airlines so attractive for pilots.
There is a serious shortage of Captains in India forcing Indian airlines to employ high-costing expatriate pilots, who are paid top dollar salaries. According to aviation ministry data, Indian carriers employed a total of 286 foreign pilots as of June 30 last year.
IndiGo, India’s biggest airline by market share, is offering its employees a reward of Rs 20 lakh for referring senior pilots to the airline, as first reported by HT.
