India's leading private carrier Jet Airways on Friday said it has cut salaries of at least 370 senior employees as the airline was bleeding on account of falling traffic and rising operational costs.
"We have temporarily imposed a reduction in salaries for the management cadre. This will affect about 370 employees," the spokesperson for the airlines told IANS.
The salary cut, of up to 25 percent, is part of a cost-restructuring exercise by the airline, which is undergoing losses in the wake of the economic slowdown worldwide.
Concerned over job loss and salary cuts, as many as 25 Indian pilots including over a dozen from Jet are believed to be heading for the Gulf to join leading Gulf carrier Qatar Airways.
However, the Jet Airways spokesperson said the company had no information of its pilots quitting.
Last October, Jet Airways had announced the retrenchment of about 1,900 employees after a strategic alliance with Kingfisher. It, however, took back the employees following widespread protests.