Jet Airways Employees Protest Outside International Airport In Mumbai
Jet Airways Employees Protest Outside International Airport In Mumbai

Mumbai: Since last two to four months, Jet staffers are been deprived of salaries. Therefore, Jet Airways employees have been trying to withdraw their savings in the Jet Airways Employees Co-operative Credit Society, but the society has not been able to disburse any amount due to lack of emergency funds.

According Mumbai Mirror report, to compound this problem, the previous managing commettee of the society had been dismissed by the Deputy Registrar of Co-operative Society K East Ward on April 10 after an audit allegedly showed finanacial irregularities under section 77 (A) (B-1) of the Maharashtra Co-operative Societies Act.

A three member committee has also been appointed led by giverment administrator RM Dode and two employee members.

Daulate Kanhurkar, one of the two employee members of the Society assisting Dode was quoted in Mumbai Mirror saying, “We have been getting a lot of calls and employees have been visiting us in an attempt to withdraw their savings, but we are not in a position to help them. The new committee has just taken over on May 11 and we are still trying to retrive all the information of the society financials.”

Also Read:

Talking to Mumbai Mirror, a jet cabin crew member said, “The credit society was offering fixed deposits at 12 per cent, when the market rate was 7 or 8 per cent. That’s why a lot of us parked our savings with the credit society. But during crisi, when people desperately need money, they are unable to withdraw their hard-earned money”.

The Jet Airways Employees Credit Society boasts over 2,700 employees as members and had clocked a turnover of Rs 72 crore in the 2016-17 fiscal. In 2017-18, Its turnover dipped to Rs 50 crore. However, sources said the Rs 3 crore emergency fund maintained by the society earlier was used up by the previous managing committee to disburse loans.

(For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal