Follow Us:
Saturday, May 30, 2020

Softbank-backed OYO to cut pay of all employees in India

“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 said.

By: Reuters | New Delhi | Published: April 22, 2020 1:41:25 pm
oyo employee pay cut, oyo pay cut coronavirus, oyo india pay cut, oyo rooms, oyo hotels, soft bank, indian startups, oyo news, coronavirus startups, coronavrus economic impact, coronavirus news, indian express news Some OYO employees will also be placed on leave with limited benefits from May 4 and until August. (Bloomberg/File)

Softbank Group-backed OYO Hotels and Homes has 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 an internal memo seen by Reuters.

Read| SoftBank-backed Oyo to cut about 5,000 jobs in overhaul

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,

Read| At SoftBank’s prized India investment Oyo: A ‘toxic’ culture and troubling incidents

Some employees will also be placed on leave with limited benefits from May 4 and until August, Kapoor said.

OYO did not immediately respond to a request for comment.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest India News, download Indian Express App.

0 Comment(s) *
* The moderation of comments is automated and not cleared manually by indianexpress.com.
Advertisement
Advertisement
Advertisement
Advertisement