- OYO Rooms announces that they are going to restore the full salaries of their employees in India and the South Asia region.
- According to the report, OYO will compensate up to Rs8 lakh as a fixed amount.
- Earlier this year, Due to COVID-19, OYO Rooms had given a 25% pay cut salary to its employees.
India’s third most valued tech/hospitality startup OYO Rooms has announced that the company will be restoring the full salaries of its employees and officials in India and South Asia region.
Due to COVID-19, the Hospitality industry has been badly affected, especially the hotel industry has been crashed. Earlier this year, OYO said to its employees to take a 25% pay cut salary from April to July.
According to the report, On August 4, during an internal town hall meeting with its employees led by OYO Rooms & Hotels India CEO Rohit Kapoor, and CHRO Dinesh Ramamurthi, the company announced that with effect from August 1, 2020, the company will be restoring the full salaries of its employees with a fixed compensation of up to Rs8 lakh.
As a result, pay cuts for as many as 60 percent of OYO’s employees across India and the South Asia region will be reversed and they will receive a full salary in the next month payroll.
Furthermore, According to the company’s spokesperson, The rest will see a restoration of their salaries in a phased manner from October 2020 where 12.5 percent of the total 25 percent cut will be restored from October 2020 and the remaining 12.5 percent from December 2020.
“We are grateful to all our OYO employees for giving OYO a fighting chance to survive these tough times. The organization respects your unwavering support for it in good as well as tough times.”OYO Rooms & Hotels CEO, Rohit Kapoor
Moreover, The company also urged its employees to continue working together to bring back OYO Rooms as it was before the COVID-19 pandemic.
Earlier in June, OYO Rooms had granted employee stock ownership plans (ESOP) worth a total of Rs130 crore to all its employees impacted by COVID-19 pandemic.