OYO cuts 25% of fixed pay of Employees; sends some staff on Leave
Softbank backed online hotel room booking platform OYO informed employees that 25 percent of their fixed salaries will be cut and asked some staff to go on a four-month leave with limited benefits from May 4 as the hotel rooms aggregator grapples with "economic pressures" due to COVID-19.
The company, which has around 10,000 employees in the country, is a leading player in the hospitality industry that has been ravaged by the coronavirus pandemic.
The nationwide lockdown, which has been extended till May 3, to curb spreading of infections has also significantly disrupted economic activities.
"We had to take the hard decision of placing some OYOpreneurs on a leave with limited benefits (LwLB) from May 4, 2020, for four months until August 2020," OYO India and South Asia CEO Rohit ...