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.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
TVS ELECTRONICS LTD.
BHARAT ELECTRONICS LTD.
HP INDIA SALES PVT. LTD.
DATA SAFEGUARD INDIA PRIVATE LIMITED
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : CP Gurnani
Former Managing Director and CEO of the well-known IT service company ...
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
Icons Of India : Anil Kumar Lahoti
Anil Kumar Lahoti, Chairman, Telecom Regulatory Authority of India (TR...
PARTNER SPEAKERS
PSU
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
