Jet lays off 110 employees news on 1st May

Now another Layoff news came on 1st May as Jet lays off 110 employees.
Faced with mounting costs and falling revenues, private airline Jet Airways has laid off 110 employees.Of these employees, 50 are contract employees who have 'superannuated,' and another 60 are probationary cabin-crew.
When asked about the pink slips being handed over to the 60 cabin-crew, a Jet Airways spokesperson said that "these cabin-crew were in their probation period and the airline has decided to terminate their contracts. However, the termination is in accordance with law and their service conditions."
On the decision of not renewing the contracts of its 50 employees, Jet said that these employees had superannuated.
"Jet Airways undertakes additional measures to streamline costs to improve the financial health of the company under the challenging global economic environment. The airline has issued notices of termination to identified employees on contract, who have superannuated," the spokesperson said.
Source - rediff