New Delhi: After failing to pay salaries for months, Jet Airways will not be funding its employees’ premium towards the group mediclaim policy, said the airlines Chief People Officer Rahul Taneja on Tuesday.

In a statement released to the airline’s staff, Taneja said that the employees’ mediclaim policy will lapse on the midnight of May 1. “These circumstances are not of our doing and much as we would wish to do things differently, we are left with little choice,” said Taneja to employees.

Jet Airways is in regular touch with its lenders as well as the government in an attempt to revive the company from its financial crisis, the airlines’ chief executive officer Vinay Dube had said. He had said that he was hopeful of finding a keen, healthy investor in the company to do away with the current debt crisis.

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Jet Airways had ceased its operations on April 22 due to lack of cash. It has a debt of Rs 8,500 crore, mostly from the government-run banks. The abrupt closure of the airlines has put jobs of over 20,000 employees at stake. The airline, which ceased all its operations temporarily last week, is under the management control of State Bank of India-led consortium of lenders following a debt-recast plan approved by its board last month.

Meanwhile, Jet Airways on Monday announced that Nasim Zaidi, the non-executive and non-independent director of the airline, has quit the board citing personal reasons and time constraints. In an exchange filing, Jet Airways said, “This is to inform you that Nasim Zaidi has submitted his resignation as a non-executive, non-independent director of the company with effect from April 21 due to personal reasons and constraints of time.”