Covid-19 Impact: Air India Suspends Contract Of Around 200 Employees

on Thursday temporarily suspended the contracts of around 200 employees including pilots, who were re-employed after retirement, as all domestic and international commercial passenger flights have been suspended in the country till April 14 to curb the COVID-19 pandemic, a senior official said.

"Since almost all the planes have been grounded and the carrier's revenues have taken a significant fall during the last few weeks, the airline has decided to temporarily suspend the contract of around 200 employees including pilots who were re-employed after their retirement," said the official.

The national carrier has already cut the allowances of all employees, except cabin crew, by 10 per cent for the next three months in order to save money amid the pandemic.

According to the health ministry, death toll due to touched 50 on Thursday. Total number of positive cases has risen to 1,965 in the country.

RECENT NEWS

Monzo Looks For US Banking License

Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more

Crypto Firms Push Into US Banking

America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more

Parallel Banking: Stablecoins Are Now Global

Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more

JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity

JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more

Private Equity And Banks: The Complex Web Of Leverage

Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more

Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector

The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more