Kingfisher Lay off Job Cut: Kingfisher Fires 300 employees: Finance Trading Times

Kingfisher Lay off Job Cut: Kingfisher Fires 300 employees

The most glamourous and the most news making Airline company of India, Kingfisher Airlines, has decided to go for a job cut or employee layoff or firing.
Along with the IT & Financial companies across the globe going for a massive lay off, Kingfisher Airlines is the latest on to join the bandwagon. It was Wipro Layoffs followed by Satyam Layoff, then Hewlett packard HP, and now the most talked about Indian Airline Company has decided to give Pink Slips or decided to fire Employees.
Kingfisher Lay off Job Cut
The most happening airline company of India, Kingfisher Airlines, has decided to go for a massive layoff. Due to volatile fuel prices burining a hole in the pocket of Airline companies, they are forced to go for cost cutting measures. In the aviation industry, Vijay Mallya-promoted Kingfisher Airlines is cutting 300 jobs, besides returning surplus aircrafts.
As per the news, the developments are a part of a concerted company-wide effort aimed at minimising the impact of the ongoing turbulence faced by the aviation industry, Kingfisher Airlines has, over the last six months, embarked on a series of restructuring measures designed to achieve cost savings and rationalisation and operational efficiencies - a company spokesperson said.

These Kingfisher Layoffs Job Cuts are a step in implementing of these guidelines. These 300 employees have chosen to move on and have parted ways with the company and/or put in their resignations," he added.

The carrier is also returning surplus aircrafts to lessors, which are now redundant consequent upon route rationalisation.

"We have already returned two aircraft and are closely monitoring aircraft utilisation," the spokesperson said.

This move was expected from the in the aviation inductry by the Kingfisher Airline Company. Recent takeover of Deccan Airways which is now known as Simplifly Deccan, and the volatile ATF prices were bound to have its effect on the aviation companies. Elaborating the reasons behind downsizing of staff, he said as the process of integration of the two entities (Kingfisher and Simplifly Deccan) nears completion, the carrier examined the complete organisation structure of the airline and mapped the skill sets of the existing talent pool with the projected talent requirements of the company.

"Many employees were counselled on their career path progression and best utilisation of their individual skill sets," he said.

As a token of goodwill, the carrier is offering all these employees a severance package equal to two months gross salary for every completed year of service (subject to a minimum of 3 months pay-out), the spokesperson said.

Kingfisher Airlines currently operates 424 domestic flights and two international flights with a total of 86 aircrafts.
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Benjamin Wright said...(on 13 October 2008 at 16:14 )  
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