OYO announced pay cuts and 'leave with limited benefits' options for its staff in India | hybiz tv
- 4 years ago
Following the salary cuts which have been implemented across functions and putting some employees on a leave with limited benefits plan, SoftBank backed Oyo Hotels & Homes has sent off a letter to employees stating they have decided to make every employee a co-owner and shareholder of the company by granting them ‘deeply discounted ESOPS.'
People familiar with matters at the company said these letters have been sent to employees who have been put on leave with limited benefits plan as well as others who continued to work.
In April, Oyo announced pay cuts and 'leave with limited benefits' options for its staff in India. In an email to employees, Oyo CEO Rohit Kapoor had then said the company is asking all its employees to accept a reduction in their fixed compensation by 25%, effective for the April-July 2020 payroll period. Kapoor had also said the company had to take the “hard decision” of placing some employees on leave with limited benefits from May 4 for four months until August 2020.
People familiar with matters at the company said these letters have been sent to employees who have been put on leave with limited benefits plan as well as others who continued to work.
In April, Oyo announced pay cuts and 'leave with limited benefits' options for its staff in India. In an email to employees, Oyo CEO Rohit Kapoor had then said the company is asking all its employees to accept a reduction in their fixed compensation by 25%, effective for the April-July 2020 payroll period. Kapoor had also said the company had to take the “hard decision” of placing some employees on leave with limited benefits from May 4 for four months until August 2020.