• About
  • Contact
Monday, June 27, 2022
  • Login
Next Big Brand
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail
No Result
View All Result
Next Big Brand

OYO Sends Employees On Leave & Announces 25% Salary Cut

Pritish raj by Pritish raj
April 22, 2020
in News, Startup
Reading Time: 3 mins read
A A
0
OYO Japan Salary Cut Malpractices- Next Big Brand

OYO Malpractices- Next Big Brand

  • OYO has put employees on leave for 4 months and announced a 25 percent salary cut for them starting in April amid ongoing coronavirus scare.

OYO workers were invited to join in for a town hall meeting on Wednesday morning. With the coronavirus pandemic and layoffs going on all around, the struggling company’s workers in a distressed industry-realized something was wrong. And their worst fears were realized.

OYO said some of its workers would be placed on a four-month leave without pay beginning May 4, a source told Business Insider. It also declared a salary cut of 25 percent for all workers starting in April, another source said.

OYO India CEO Rohit Kapoor said in an email, “Today we are taking a challenging but important move for India, asking all OYOpreneurs to consider a 25 percent reduction in their fixed compensation. This will be applicable for payroll from April to July 2020.” OYO said all other benefits will stay the same, and the pay cut will be made in such a way that ‘the fixed salary for every employee is not less than 5 lakh per year.’

Kapoor also announced that OYO workers would be placed on a ‘leave with minimal benefits’ as it will continue to provide them with medical insurance, parental insurance, ex gratia, and more.

“In the case of an unexpected medical emergency, if the need so exists, we will help beyond the insured amounts,” he confirmed, in the email.

OYO had previously said during the lockout that its Indian workers would remain unscathed. On April 8, OYO said Indian jobs are safe while US employees are to be put on furloughs. It had said, “Maintaining its commitment to the Indian government and people, no intervention in India until the lockdown.”

Interestingly, from May 4, the day after lockdown is scheduled to end, in India, workers were put on leave without pay.

Ironically, the day after the lockout is expected to end from May 4, staff in India have been placed on leave without pay.

OYO has said, however, that it continues to ensure that workers remain less affected, even as the company faces significant problems due to worldwide lockdowns.

“OYO is not making any job cuts at this point, given the economic strains. Based on the advice of hundreds of OYOpreneurs I was in touch with, the main goal is to do whatever we can to reduce job losses. We will hold job losses at bay by incorporating lowered weeks of work, wage reductions, temporary absence before company recovers, and other such measures.

Our goal is to ensure the long-term survival of our sector, which is also vital to the recovery of the industry, “Kapoor said in his email. OYO has been grappling with issues such as hotel grievances for overdue payments and disgruntled customers for months. And, the coronavirus pandemic has only made things worse. The company has laid off workers only three months ago.

Founder Ritesh Agarwal said in a video message to his employees in April that he can not imagine any other industry being affected worse than travel, tourism, and hospitality because of coronavirus. Agarwal had previously reported a 15-20 percent decrease in sales and occupancy compared to COVID-19. He later said his sales globally fell by more than 50 percent -60 percent.

“As you all know, this situation of COVID-19 comes at a very unusual time for OYO. That’s right after we had a significant restructuring of our business in January this year. That’s why I want to make it clear to all of you that we plan to do no or zero layoffs as part of worldwide cost reduction,” Agarwal said.

Previous Post

Snapchat Has 229 Million Daily Active Users Now, Stocks Rise By 20%

Next Post

Deciphering The Basics Of Digital Marketing With Udit Malhotra

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

20220627 152251 0000
News

Proptech Startup PropShare Raises $47 Million Led by WestBridge Capital

June 27, 2022
images 9 17
Cryptocurrency

Christiano Ronaldo and Binance Announce NFT Partnership

June 24, 2022
Khaby Lame Tiktoker
Creators

Khaby Lame Becomes World’s Most Popular TikToker

June 24, 2022
Pine Labs Founder
News

Merchant Platform Pine Labs Acquires Fintech Infra Startup Setu for $70-75 Million

June 23, 2022
Ebay KO
Cryptocurrency

eBay Acquires NFT Marketplace KnownOrigin For An Undisclosed Sum

June 23, 2022
Cashify Founders
News

Cashify Raises $90 Million in Series E Round Led By NewQuest & Prosus

June 23, 2022
Next Post
Udit Malhotra MG Motors- Next Big Brand

Deciphering The Basics Of Digital Marketing With Udit Malhotra

Leave a Reply Cancel reply

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BROWSE BY TOPICS

Acquiring amazon Apple Brands brand story Byjus byjus news byjus the learning app Cryptocurrency Edtech Startups Elon Musk facebook fintech news Flipkart funding google Indian Crypto Startups Indian OTT Platforms Indian Unicorn Indian Unicorns Indian Unicorns of 2021 Netflix NFT NFT Collection NFT India Non Fungible Tokens Ola OYO Paytm Reliance Retail Startup Acquisition Startup IPO startup news india startups in india Swiggy Tiktok TikTok India Twitter Unicorns of 2022 Unicorns of India Unicorn Startups Upgrad WazirX YouTube Zomato
check more news on that pages youtube converter, filme online 2022, filme porno mature, porno amatoriale, nxnxx.org, https://xvideosxnxx.org, https://xoxporn.net

Instagram

Follow Me!

Recent News

  • Proptech Startup PropShare Raises $47 Million Led by WestBridge Capital
  • Christiano Ronaldo and Binance Announce NFT Partnership
  • Khaby Lame Becomes World’s Most Popular TikToker

Latest News

20220627 152251 0000

Proptech Startup PropShare Raises $47 Million Led by WestBridge Capital

June 27, 2022
images 9 17

Christiano Ronaldo and Binance Announce NFT Partnership

June 24, 2022
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail

© 2019 NBB. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.