Shailesh Singh (45) jumped off the terrace of his four-storeyed building in Nalasopara East on Friday afternoon, an official said.
As per functionaries of Jet Airways Staff and Employees Association, however, Singh was facing "financial constraints" as employees of the grounded airline have not got salaries for a long time.
"He was suffering from cancer and was undergoing chemotherapy. Prime facie, it seems he was suffering from depression due to the ailment," the police official added.
It was the first suicide of an employee since the airline suspended operations, these functionaries claimed.
The deceased's son is also working in the operations department of the airline, they added.
Singh is survived by his wife, two sons and two daughters.
An accidental death case has been registered and a probe was underway into the incident, the police official said.