To tide over the difficult situation, airlines globally have taken harsh and unpleasant decisions, Jadhav said, adding, "we should consider ourself fortunate that we have been insulated from the adverse impact of the economic slowdown so far."

He cautioned employees about the consequences of disinvestment. "We need to be conscious of the impact that disinvestment/privatisation can have on our own lives, should this materialise."

Reeling under the impact of downturn in global economies and record-breaking aviation turbine fuel prices, airlines the world over have resorted to cutting operating costs and minimising losses.

According to the International Air Transport Association (IATA), the global aviation industry is expected to lose about nine billion dollars this year.

The domestic aviation industry, says Centre for Asia Pacific Aviation (CAPA), is likely to incur around 2-billion losses this year.

Two major domestic air-carriers, Kingfisher Airlines and Jet Airways have reduced jobs, slashed salaries, besides pruning capacity.

Global airlines such as Singapore Airlines, British Airways, Cathay Pacific, Japan Airlines, American Airlines, Delta, Air France-KLM and Qantas have taken similar measures to lessen the impact of current crisis.

Pilots of the Singapore Airlines have agreed to one-day compulsory leave every month. Managers and administrative officers are taking one day a month either as unpaid leave or from their annual leave.

British Airways has frozen pay and cut around 2,500 jobs since last year. It has also sought 4000 voluntary redundancies.

American Airlines has announced plans would cut upto 1,600 positions by August this year. Japan Airlines wants to cut 1,200 jobs by March 2010.