Posted ByTechViewCMP for SpiceJet is Rs. 41.55. The Emergency Credit Line Guarantee Scheme (ECLGS) was altered by the finance ministry to assist the aviation industry, increasing the lending cap from Rs 400 crore to Rs 1,500 crore. This caused the share price to increase by nearly 8%. An airline would be eligible for 100% of their fund-based or non-fund-based debt outstanding as on the reference dates or Rs. 1,500 crore, whichever is less; and of the fund-based loan outstanding as on the reference dates According to the revised ECLGS 3.0, above, Rs 500 crore shall be considered, based on equity investment by the owners.
SpiceJet, a no-frills airline, has announced an increase in captains’ salaries beginning in November. The rise in pay, which is higher than the pre-COVID remuneration, will be Rs 7 lakh per month for the airline, according to an official announcement on October 19 from the company 80 hours of flight.
Trainers and Senior First Officers now receive comparable pay increases..
The low-cost airline said that it has been monthly updating the salaries of its pilots. When the airline received the first payment from the Emergency Credit Line Guarantee Scheme, it immediately announced a 20% pay increase for captains starting in October (ECLGS).
The airline backed by Ajay Singh will reportedly receive an additional Rs 1,000 crore under the revised ECLGS.
Increases of up to 10% for trainers and 8% for captains and first officers, both of which would go into effect in September, had already been announced by the low-cost airline.
The bulk of Indian pilots, cabin crew, and ground handling staff were reportedly underpaid and overworked in comparison to their counterparts abroad.
You may recall that in an effort to cut expenses, SpiceJet asked 80 of its pilots to take a three-month leave of absence without pay in September. The Director General of Civil Aviation has also prolonged the airline’s ban on flying at full capacity until October 29.
According to information released by the Directorate General of Civil Aviation on October 19, SpiceJet’s market share remained at number five in September. The airline’s market share decreased from 7.9% in August to 7.3 percent in September. It carried 7.53 lakh passengers in September.
In September, SpiceJet, IndiGo, Vistara, Go First, Air India, and AirAsia India had passenger load factors (also known as occupancy rates) of 85.8%, 81.3%, 85.4%, 83.2%, 79.6%, and 77%, respectively.
The passenger load factor for Akasa Air, the newest airline in India, also increased significantly in September, its second month of operations, from 52.9 percent to 81.2 percent.
In September, the airline carried 93,000 passengers, earning it a 0.9 percent market share.
According to records, there were 517 passenger complaints in September. Per 10,000 travellers, there were roughly 0.50 complaints.