SpiceJet made an announcement on May 23 regarding salary hikes for its pilots, coinciding with the airline's 18th anniversary celebrations. The airline had commenced its first commercial flight on May 23, 2005, flying from Delhi to Ahmedabad.

As per Moneycontrol, the salary for Captains has been raised to Rs 7.5 lakh per month for 75 hours of flying. This salary hike came into effect from May 16, 2023. Previously, the airline had revised the salaries for pilots starting from November 2022, with Captains receiving a monthly salary of Rs 7 lakh for 80 hours of flying.

In addition, SpiceJet has raised the salaries of Trainers (DE, TRI) and First Officers in line with the increase for Captains. Moreover, as part of its ongoing 18th anniversary celebrations, the airline has introduced a monthly loyalty reward program for Captains based on their tenure, providing them with an additional monthly remuneration of up to Rs 1 lakh. 

This reward is separate from their regular monthly salary, as stated by SpiceJet. While marking its 18 years of operation, the airline is currently dealing with financial challenges and has initiated a restructuring process to further minimise its liabilities.

According to the Moneycontrol report, SpiceJet stated on May 11 that it does not intend to initiate insolvency proceedings. Additionally, the airline has initiated the process of revitalising its grounded fleet with a funding of $50 million.

The statement was made against the backdrop of a situation where a lessor had filed for insolvency resolution against the airline, and the crisis-ridden competitor, Go First, had been accepted for voluntary insolvency resolution proceedings by the National Company Law Tribunal (NCLT).

SpiceJet Chairman and Managing Director Ajay Singh communicated to the staff that the airline is currently engaged in a restructuring process as a crucial component of its broader growth strategy. This restructuring aims to further decrease the company's liabilities, enabling them to pursue their growth objectives with enhanced efficiency and focus.

On May 23, the shares of SpiceJet witnessed a significant decline, with a drop of nearly 14 per cent, reaching its lowest level in the past 52 weeks during intra-day trading. The continuous withdrawal of investors from the market contributed to this decline. 

The stock closed at Rs 24.16 per share on the BSE, experiencing a decline of 13.93 per cent. At its lowest point of the day, it plummeted by 19.30 per cent, reaching Rs 22.65, marking its lowest level in the last 52 weeks.