New Delhi: Budget carriers SpiceJet Sources said on Tuesday that it has extended its Employee Stock Ownership Scheme (ESOP) scheme to some mid-level employees as well as “critical resource” employees, which they played in the company amid the Covid-19 crisis.
Critical resource staff is a group of employees that cannot be replaced easily. Under the ESOP plan, employees receive company shares that vest over time. Till now SpiceJet’s ESOP scheme was only for the top management.
SpiceJet has been going through tough times for the last few years. The airline reported a net loss of Rs 934.8 crore and Rs 998.3 crore in 2019-20 and 2020-21 respectively.
The airline’s decision to give ESOP scheme to mid-level employees as well as critical resource staff comes at a time when two airlines – Jet Airways and new carrier Akasa Air – are planning to start flight operations this year. The entry of these carriers has created more employment opportunities in the aviation market.
According to sources, the airline sent an e-mail to select mid-level and critical resource staff, stating that “over the last three years, you have all been excellent and you have shown great dedication and resilience” and SpiceJet will manage it. Would like to express supreme gratitude for “the hard work put in by each of you”.
Hence, to express sincere appreciation, the airline is launching ESOP scheme for employees, the e-mail said, the sources mentioned.
Critical resource staff is a group of employees that cannot be replaced easily. Under the ESOP plan, employees receive company shares that vest over time. Till now SpiceJet’s ESOP scheme was only for the top management.
SpiceJet has been going through tough times for the last few years. The airline reported a net loss of Rs 934.8 crore and Rs 998.3 crore in 2019-20 and 2020-21 respectively.
The airline’s decision to give ESOP scheme to mid-level employees as well as critical resource staff comes at a time when two airlines – Jet Airways and new carrier Akasa Air – are planning to start flight operations this year. The entry of these carriers has created more employment opportunities in the aviation market.
According to sources, the airline sent an e-mail to select mid-level and critical resource staff, stating that “over the last three years, you have all been excellent and you have shown great dedication and resilience” and SpiceJet will manage it. Would like to express supreme gratitude for “the hard work put in by each of you”.
Hence, to express sincere appreciation, the airline is launching ESOP scheme for employees, the e-mail said, the sources mentioned.