SpiceJet Settles PF Dues For Employees After QIP Boost
This action by the financially troubled airline is said to be the result of its recent attempts to stabilise its finances
On October 4, 2024, airline operator SpiceJet deposited the equivalent of a year's worth of employee Provident Fund (PF) contributions, demonstrating its significant progress towards meeting its financial obligations.
This action by the financially troubled airline is said to be the result of its recent attempts to stabilise its finances, which also included paying down salary arrears and clearing all outstanding Goods and Services Tax (GST) obligations. This information was reported by The Economic Times.
The airline credited the additional funds it obtained through a Qualified Institutional Placement (QIP) for its capacity to fulfil these responsibilities. According to a representative for SpiceJet, the firm was able to deposit ten months' worth of PF payments, pay off its overdue payroll and GST obligations, and make progress towards resolving outstanding liabilities.
