Admitting that it intends retrenching excess staff as a part of its endeavor to perk up the company's financial health, Jet Airways also clarified on Friday that reports making rounds about massive job-cuts were more of an overstatement.

A Jet Airways spokesperson, in conversation with reporters, said: "Retrenchment is the last resort for us. We have excess staff. But reports appearing in the media about huge layoffs are grossly overstated."

Though the spokesperson stopped short of revealing the number of lay-offs planned by the company, it was stated that the trimming down of excessive workforce was a much-required measure, given the financial crisis the recession-hit company is undergoing.

In its attempts to boost revenue, Jet Airways has already leased out some of its planes to foreign carriers. In addition, it has initiated a new 'no-frills, low-fare' service - Jet Airways Konnect - to enticing travelers with economical tickets.

Rationalizing its retrenchment decision, Jet mentioned the adverse impact the global slowdown has had on the aviation sector, and talked of other cost-cutting measures it had executed - like a wide-ranging cost-restructuring program; pulling out of operations on extravagant routes; and downscaling of some international capacity.

Among other cost-reduction measures undertaken are - stalling recruitment and capital expenditure; snipping executive perks; temporarily reducing management salaries; and shuttering international ticketing offices and crew bases on rented property.