SpiceJet Pays Pending Salaries and Clears GST Dues
New Delhi [India], October 1: SpiceJet has credited four months of pending salaries to its employees after clearing outstanding GST dues. The airline had been facing financial difficulties and unpaid salaries for several months. A week ago, all pending salaries were cleared, bringing relief to the workforce ahead of the festive season.
“I am still in shock! Getting four months’ salary in the last five days was unexpected. It’s like Diwali came early!” said Vishnu Prasad, an executive in the reservations department. Manish Kumar, a security staff member, added, “I was worried about my family’s future. I am so happy that the management has kept its word. We were promised all dues would be cleared by September 30 but they did it much before. I am proud to be part of this team!”
Deepak Singh, an airport staff member, remarked, “I honestly couldn’t believe it when I saw my account. Three months of salary paid in one go and then getting my September salary on time, it’s a huge relief.”
These developments follow the airline raising Rs 3,000 crore through a Qualified Institutional Placement (QIP). The QIP attracted top-tier institutional investors and funds, including Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd.
Along with employee dues, the airline has also cleared outstanding GST payments, signalling a broader effort to rectify its financial standing. With plans to introduce new aircraft, expand its routes, and restore its network, SpiceJet aims to regain a stronger position in the competitive aviation market. Employees, now relieved and re-energised, are ready to resume their roles with optimism, hoping to see the airline reclaim its foothold in the sector.
Doubts Revealed
SpiceJet -: SpiceJet is an airline company in India. They help people travel by plane to different places.
Pending Salaries -: Pending salaries are the money that the company owes to its workers for their work. It means the workers had not been paid for some months.
GST Dues -: GST stands for Goods and Services Tax. It is a tax people pay when they buy things. Companies also have to pay this tax to the government.
Qualified Institutional Placement (QIP) -: QIP is a way for companies to raise money by selling shares to big investors like banks or financial firms.
Goldman Sachs -: Goldman Sachs is a big company that helps other companies with money and investments. They are based in the USA.
Morgan Stanley -: Morgan Stanley is another big company that helps with money and investments, similar to Goldman Sachs.
Early Diwali -: Diwali is a big festival in India, known as the Festival of Lights. Saying ‘early Diwali’ means they are very happy, like they are celebrating Diwali early.
Aviation Market -: The aviation market is all about airlines and air travel. It includes companies that fly planes and the people who use them.
