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Tuesday,15-June-2021

Business

Air India pilots reject 5% rollback in pay cut, says ‘donate for Parl building or PM Care’

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Air India Express flight IX 343 Kozhikode Dubai is now airborne at 1.40 PM. Captain Michale Saldanha on command with First Officer Akhilesh Kumar.

Air India pilots have refused to accept the paltry 5 per cent roll back in “illegal pay cut” and asked Air India CMD to donate it towards funds for building the Parliament or PM CARE.

In a letter to Rajiv Bansal, Air India Chairman and Managing Director, the two pilot associations — Indian Pilots’ Guild and Indian Commercial Pilots’ Association — said: “We do not accept this paltry 5 per cent roll back in illegal pay cut and you may advice the concerned to donate this 5 per cent towards funds for building the Parliament or PM CARE”.

Air India pilots said they will be forced to resort to “industrial action”. “We have given the management every benefit of doubt as well as ample time to redress the issue of disproportionate pay cut for pilots of Air India and its subsidiaries so there is no point left in mincing words. If we do not see a timely substantial reduction in this disproportionate pay cut, we will be forced to seek justice through harsher means including ‘Industrial Action’,” they added.

Even MPs have taken a lower pay cut, the pilots said. “While the parliamentarians themselves have taken a cut of only 30 per cent on gross emoluments and vehemently refused to take a higher cut, we think it is completely egregious for us pilots to continue tolerating this arbitrary massive pay cut of 55 per cent on our gross emoluments,” the letter said.

The Aviation industry in India is firmly on the rebound with domestic air traffic increasing substantially from 25 per cent in April 2020 to 80 per cent as of December 2020, a fact acknowledged by other airlines who have started rolling back their austerity measures significantly. “In contrast, our management is content hiding behind the Covid-19 pandemic and Ministry of Civil Aviation,” they added.

“This pittance in the form of a 5 per cent decrease in the current wage cut is an outright insult, its sting magnified in light of our unwavering support and trust in this company. This ‘generosity’ amounts to a reduction of approximately 3 per cent in the current gross pay cut for pilots,” they said.

“It is unfortunate that even now the duality of the management continues unabated, humiliating front line employees while simultaneously paying lip service. Right now, the disproportionate unilateral pay cut imposed on pilots in the name of Covid-19 amounts to a gross reduction up-to 58 per cent of our rightful wages, from the month of April 2020. This cut has been carefully worded to slash our wages by more than half while insulating top management from any meaningful austerity contribution such as a fair percentage cut on gross emoluments which spreads the burden fairly,” pilots said.

Business

TASMAC sold Rs 164 cr worth of liquor in just one day

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wine-shop

The Tamil Nadu State Marketing Corporation (TASMAC) has sold liquor worth Rs 164 crore in the state in just one day.

All liquor outlets and bars opened in the state on Monday.

According to reports from the TASMAC, Madurai zone accounted for the maximum sales of Rs 49.54 crore followed by Chennai region with sales worth Rs 42.96 crore, Salem Rs 38.72 crore, and Trichy region accounting for the sale of Rs 33.65 crore worth of liquor.

However there was no sale in the Coimbatore region as the shops are closed in the area following the higher number of Covid-19 cases. Shops in Nilgiris, Erode, Salem, Tiruppur, Karur, Namakkal, Thanjavur, Tiruvavur, Nagapattinam, and Myladuthurai remain closed as the number of cases are high.

Of the 5,338 shops in Tamil Nadu, 2,900 reopened on Monday.

The founder president of Pattali Makkal Katchi(PMK), Dr S. Ramadoss has called upon the state government to rework its policy on liquor and to enforce a total prohibition in the state for the health of the people of the state. He has also said that the claims of Chief Minister Stalin that TASMAC shops were allowed to function following the brewing of illicit liquor in the state as well as to prevent smuggling of liquor from neighbouring states.

Ramadoss has in a statement said, “Stalin should work his way to enforce total prohibition in the state of Tamil Nadu for the sake of the health of the people of the state, both mental and physical.”

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Business

Sensex, Nifty climb new record highs

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Bombay-Stock-Exchange

The key Indian equity indices continued their record run on Tuesday.

The BSE Sensex touched a fresh high of 52,836.31 and the Nifty50 on the National Stock Exchange hit an all-time high of 15,889.60 points.

Healthy buying was witnessed in banking and realty stocks.

Around 9.40 a.m., Sensex was trading at 52,813.83, higher by 262.3 points or 0.50 per cent from its previous close of 52,551.53 points.

It opened at 52,751.83 and has touched an intra-day low of 52,671.29 points.

The Nifty50 on the National Stock Exchange was at 15,875.05, higher by 63.20 points or 0.4 per cent from its previous close.

The top gainers on the Sensex were Asian Paints, IndusInd Bank and Tata Steel, while the losers were Dr Reddy’s Laboratories, SBI, Titan Company and L&T.

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Business

Fuel price hike paused: Petrol, diesel prices unchanged

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Petrol

The Oil marketing companies paused the hike in fuel prices on Tuesday providing respite to people already burdened with all time high petrol and diesel retail rates.

Accordingly, the price of petrol continues to remain at Rs 96.41 per litre and diesel at Rs 87.28 per litre in Delhi.

OMCs had raised the price of the two petroleum products on Monday to take retail levels at new highs across the country.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 102.58 per litre on Monday. Diesel price also increased to reach Rs 94.70 a litre, the highest among metros. The price levels remain unchanged on Tuesday.

Across the country as well petrol and diesel price rise was paused on Tuesday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in three other metros apart from Mumbai has also already reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continue to firm up, this mark could also be breached in other places by month end.

With Tuesday’s price pause, fuel prices have now increased on 24 days and remained unchanged on 22 days since May 1. The 22 increases hasve taken the petrol prices up by Rs 6.01 per litre in Delhi. Similarly, diesel has increased by Rs 6.55 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of world’s largest fuel guzzler – the US, retail prices of fuel in India are expected to firm up further in coming days. The benchmark Brent crude is currently close to $74 on ICE or Intercontinental Exchange.

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