700 employees from OYO Hotels and Home to face 25% salary cut
By MYBRANDBOOK
Amid COVID-19, OYO Hotels and Homes has planned to cut the salaries of all employees by 25% for four months starting April and also sent some of its people on leave with limited benefits, according to a report..
Though OYO did not specify how many employees will be put on leave with limited benefits for four months in India but sources familiar with the matter said 60% of the corporate staff at the company will be put on this plan.
"This will also include profiles like VPs, AVPs, Directors and other managerial staff at the company. Leave with limited benefits means OYO will deduct 25% of their salary in April, 50% of the salary in May and June and will undertake 100% pay cuts for them in July and August. Five cuts over five months...The 40% employees who will continue working will have to undertake a 25% pay cut till July," a source said.
The move comes soon after OYO furloughed thousands of its international employees earlier in April after the coronavirus outbreak brought global travel to a halt, wreaking havoc in the hospitality sector.
"Our company is taking a difficult but necessary step for India, whereby we are asking all OYOprenuers to accept a reduction in their fixed compensation by 25%," the company's Chief Executive Rohit Kapoor said in a note on Wednesday.
OYO on Wednesday announced pay cuts and 'leave with limited benefits' options for its staff in India. In an email to employees, OYO CEO Rohit Kapoor stated.
"Those going on this leave will avail benefits such as continuation of medical insurance and parental insurance, school fee reimbursement and ex gratia support," Kapoor stated in his email and went on to add that in case there is an unforeseen medical emergency, OYO will support these employees beyond the insured amounts if the need arises.
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