Tata Group-owned Air India on May 23 announced salary hike of up to Rs 15,000 for pilots, and annual performance bonus of up to Rs 1.8 lakh.
The revised salaries will be effective from April 1, according to an official announcement from the airline.
As per the official statement, the carrier has bumped up salary by Rs 5,000 to Rs 15,000 in fixed pay per month from first officer to senior commander positions.
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The airline also announced bonus of Rs 42,000 to Rs 1.8 lakh per annum from junior first officer to senior commanders.
First officer and captain will receive Rs 60,000 in annual bonus, while commander and senior commander will get 1.32 lakh and 1.80 lakh bonus, respectively.
No salary hike was announced for junior first officers.
The carrier also announced a compensation for pilots, who faced inordinate delays in their ground and simulator training
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Additionally, the airline has introduced an annual target-based performance bonus for the financial year 2024-25. It will be paid on the basis of company and individual performance. Individual performance will be assessed using Rise.AI, it said.
IN FY23, the airline reported a loss of Rs 11,381 crore, up 18.6 percent from the previous fiscal year, FY22, which had a loss of Rs 9,591 crore after accounting for write-offs and exceptional items.
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Its revenues from operations doubled to Rs 31,377 crore in FY23 from Rs 16,763 crore the same time last year. The company’s total expenses for the fiscal year ending on March 31, 2023, increased by approximately 40.3 percent, reaching Rs 37,111 crore, up from Rs 26,346 crore.
