SpiceJet settles employee provident fund dues

SpiceJet has cleared all outstanding employee provident fund (PF) dues totalling Rs 160.07 crore, which had accumulated over the past two years. This action underscores the airline's commitment to employee welfare and financial responsibility.

Following a successful Rs 3,000 crore Qualified Institutional Placement (QIP) three months ago, the airline has also settled its statutory liabilities, including Tax Deducted at Source (TDS) and Goods and Services Tax (GST). With these dues addressed, SpiceJet anticipates significant savings on interest payments.

Since October 2024, the airline has utilised its internal cash flows to fulfil these obligations, reflecting improved financial health.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “We are pleased to announce the clearance of all pending employee PF dues. This marks a new chapter in SpiceJet’s journey. By clearing all pending statutory dues and settling disputes with lessors and creditors, we are demonstrating our unwavering commitment to operational excellence, financial prudence, and the welfare of our employees. With the successful implementation of our financial turnaround strategy, we are confident in our ability to continue delivering superior service to our customers and achieving sustainable growth.”

The airline has also resolved disputes with lessors and creditors, enhancing its balance sheet, which has led to a credit rating upgrade by Acuité Ratings & Research Limited.