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New Delhi, India's low-cost carrier <keyword id="6358032" type="General" weightage="20" keywordseo="SpiceJet" source="Orion">SpiceJet</keyword> has reportedly not deposited money into the pension funds of its employees for at least 6 to 8 months, a source said. However, a SpiceJet spokesperson told IANS said that the process has already been initiated by the company. "There was a certain deferral in PF but we will be depositing a substantial amount soon and salary disbursement is on time. We are also doing all settlements on time. Everything will be cleared soon. We are hopeful," said the spokesperson. "We are submitting PF together in three to four months and soon it will be cleared," he added. This week on Monday, SpiceJet announced a notable turnaround in its financials for the first quarter, driven by reduced costs which outweighed a decline in revenue. The airline revealed a consolidated net profit of Rs 197.64 crore for the quarter ending June 30. This marked a significant shift from the net loss of Rs 783.72 crore recorded during the corresponding period in the previous year. The impressive upswing in profitability was primarily attributed to a substantial 36 per cent reduction in total expenses for the mentioned quarter, amounting to Rs 2,069.24 crore. However, on Thursday, the Delhi High Court asked low-cost airline SpiceJet and its Chairman and Managing Director (CMD) to pay Rs 100 crore to Kal Airways and its promoter Kalanithi Maran by September 10, failing which the court may consider the attachement of their properties. Appearing for Maran and Kal Airways, senior advocate Maninder Singh submitted that the judgement debtor -- SpiceJet and CMD -- had to file the affidavit of assets and weekly collection within one week which they have failed to file on time and the same has not been filed in a format mandated by this court. On August 9, the court had issued notice on Kal Airways and Maran's application seeking 50 per cent of the daily revenue collection of SpiceJet to be paid to them on a weekly basis. During the hearing on Thursday, Singh further submitted that the order dated February 13 and July 7, passed by the Supreme Court is pre-emptive, conditional and self-operative which has not been complied with till date. Additionally, he submitted that the affidavit filed by the CMD has been filed under sealed cover which has not been served to the decree holders -- Kal Airways and Maran. On the other hand, senior advocate Amit Sibal submitted that the amount calculated by them stood upto Rs 279 crore and not Rs 397 crore, as argued by advocate Singh. He further made an offer to deposit Rs 75 crore within 10 days to which advocate Singh objected and said that they had to pay this amount in April but has not paid till date.

'SpiceJet didn't deposit money into pension funds for months'

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> announced a 20 per cent salary hike for pilots from October onwards. This follows last month's 6 per cent hike in salaries. Sources said that while the first tranche of Emergency Credit Line Guarantee Scheme (ECLGS) payment has been received by the airline, the second is expected shortly. Moreover, the company will be depositing <keyword id="17506" type="General" weightage="50" keywordseo="tds" source="Orion">TDS</keyword> of all employees in the next two-three weeks. And, a significant portion of the PF will also be credited. According to an internal mail to all the pilots, senior VP, <keyword id="9138754" type="General" weightage="50" keywordseo="gurcharan-arora" source="Orion">Gurcharan Arora</keyword> said that the Spicejet has received the approval for a loan under the government's ECLGS scheme. "The first tranche of the payment has already been received and the second trancher is expected very soon. Our management is working to raise an additional 200 million dollars." The mail also talked about resumption of normalcy in the aviation sector and said that the airline is flying towards growth and sustainability. On Tuesday, in a temporary measure to rationalise cost, SpiceJet decided to place some pilots on leave without pay for a period of three months. The airline said that it will be inducting <keyword id="26842" type="General" weightage="50" keywordseo="max" source="Orion">MAX</keyword> aircraft shortly and these pilots will be back in service as the induction begins. During the <keyword id="9580222" type="General" weightage="50" keywordseo="lwp" source="Orion">LWP</keyword> period, pilots will remain eligible for all other employee benefits as applicable i.e. all opted insurance benefits and employee leave travel. SpiceJet airline had earlier reported a net loss of Rs 789 crore (Rs 420 crore, excluding forex adjustment) for the quarter ending June 30, 2022 as compared to a net loss of Rs 729 crore in the quarter ending 30 June, 2021 as the business was severely impacted by record high fuel prices and a depreciating <keyword id="6355302" type="General" weightage="50" keywordseo="rupee" source="Orion">Rupee</keyword>. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/adani-transmission-to-become-net-zero-by-2050/articleshow/94371480.cms">Adani Transmission to become net-zero by 2050</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-pune-girl-who-self-made-it-to-the-india-rich-list/articleshow/94368050.cms">The Pune girl who self-made it to the India rich list</a>

SpiceJet announces 20% salary hike for pilots, says will bring back those put on leave without pay

<ul><li>Under the <keyword id="10263868" type="UNKNOWN" weightage="20" keywordseo="atmanirbhar-bharat-rozgar-yojana-scheme">Atmanirbhar Bharat Rozgar Yojana scheme</keyword>, the central government will provide subsidy for new employees in establishments up to 1000 employees.</li><li>The PF amount will be credited upfront in the Aadhaar-seeded EPFO accounts of the eligible new employee, said India’s <keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> Nirmala Sitharaman.</li><li>Here’s the eligibility criteria for companies to avail benefits under this scheme</li></ul>Finance Minister Nirmala Sitharaman in her press conference today (November 12) announced the <keyword id="10263642" type="UNKNOWN" weightage="20" keywordseo="Atmanirbhar-Bharat-Rozgar-Yojana">Atmanirbhar Bharat Rozgar Yojana</keyword> for the benefit of the members of employees provident fund Organization (EPFO). The announcement came as a part of the third stimulus package aimed at helping the COVID hit Indian economy. <div type="Article" hostid="261" msid="79187044" title="Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference" mstype="2" mssubtype="0"></div> The finance minister said under this scheme, every establishment that is registered with the EPFO will be incentivised to hire people who were not registered with EPFO earlier as well as those who lost their jobs between March 1, 2020 to September 30, 2020. Under the scheme, the central government will give a subsidy for new employees for establishments with up to 1000 employees. The PF amount will be credited upfront in the Aadhaar-seeded EPFO accounts of the eligible new employee, Sitharaman said. Who will be benefited by this? <ul><li>Any new employee joining employment in the EPFO registered establishments with monthly wages less than ₹15,000.</li><li>EPFO members drawing monthly wages of less than ₹15,000 who exited employment during COVID pandemic from March 1 to September 30 and had been hired on or after October 1, 2020. </li></ul>Benefits for companies registered with EPFO The central government will give the subsidy for two years in respect of new eligible employees engaged on or after October 1 at the following scale. <ul><li>Establishments employing up to 1,000 employees will get a contribution of 12% of employee wages and 12% as employers contributions, totalling up to 24% of wages. </li><li>And, for establishments employing over 1000 employees, only 12% of wages of the employees will be given. </li></ul>Here’s the eligibility criteria for companies to obtain benefits under this scheme To avail benefits under this scheme, the organisations with fewer than 50 employees will have to hire at least two employees, and those with more than 50 employees will have to hire five or more employees. "A large number of organizations have put off their hiring plans this year because they are wary of taking up fresh monetary commitments. The government's pledge to bear the EPFO contributions of new employees will encourage many organizations to resurrect their recruitment plans,"Vivek Bindra, founder of New Delhi-based Bada Business. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/indian-government-approves-the-pli-scheme-for-10-sectors/articleshow/79172901.cms" data-type="tilCustomLink">Indian government approves the Production Linked Incentive scheme for 10 sectors worth ₹2 lakh crore</a> <a href="https://www.businessinsider.in/business/corporates/news/spicejet-shrink-its-losses-to-112-59-crore-in-the-second-quarter-ended-september-30/articleshow/79172678.cms" data-type="tilCustomLink">Spicejet is losing one rupee where it was losing four thanks to cheaper fuel and cut in rentals</a>

Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees

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'SpiceJet didn't deposit money into pension funds for months'

IANS

SpiceJet announces 20% salary hike for pilots, says will bring back those put on leave without pay

IANS

Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees

Navdeep Yadav

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