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

FILE PHOTO: The logo of OYO, India’s largest and fastest-growing hotel chain, installed on a hotel building is pictured in an alley in New Delhi, India, April 3, 2019. REUTERS/Adnan Abidi/File Photo

April 22, 2020

NEW DELHI (Reuters) – 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.

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,

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.

(Reporting by Aditi Shah; Editing by Euan Rocha)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *