- Ritesh Agarwal has forego his 100% annual salary while other OYO Executives take 25%-50% salary cut amid the coronavirus scare.
Gurugram-headquartered hospitality company OYO on Thursday said its founder and Group CEO Ritesh Agarwal will forego his compensation for the rest of the year and its executive management team will take voluntary pay cuts as the hospitality industry reels under the coronavirus pandemic. It will be effective from April 2020 and it said the whole business stands together to tide over these times.
Ritesh Agarwal, CEO of the Founder & Company, OYO Hotels & Homes, has agreed for the rest of the year to forego 100 percent of his salary. The entire executive management team of the company has taken a voluntary pay cut beginning at 25 percent, with others opting for an additional unlimited amount and others up to 50 percent helping the company to develop the runway
Management of the firm has also taken some more steps to ensure continuity of business and is committed to the well-being of its OYOpreneurs. The company has ensured that all workers in India, including many post-lockdown hotels, can continue to receive their wages and benefits during the unprecedented 21-day lockdown period without interruption.
Commenting on the growth, Ritesh Agarwal, CEO of the Founder & Group said, “The current situation around the world is of great concern to each and every one of us. With its limited resources in this pandemic, OYO is doing everything in its power to help the world from making isolation centers to seeking a safe place for first responders. Despite the current market scenario, which is unparalleled for our industry internationally, for the remainder of the year, I forego 100 percent of my income. I am thankful to my leadership team who, during these difficult times, also took pay cuts and supported the company. At OYO, we are committed to the battle against COVID-19 and will seek to do all in our power to reach out and support people while ensuring the company’s long-term sustainability, and our ability to continue delivering on our goal of providing better living spaces for everyone, at the right prices, globally.
OYO has taken a number of steps to accommodate medical workers, aircrew, businesses, visitors, PGs as well as foreign nationals stuck in the nationwide lockdown, in line with the direction of the government.
The organization relies on a two-pronged approach to mitigate contamination possibilities and improve social isolation and hygiene. Some hotels are being listed as partnering with hospitals to set up free, pay-per-use quarantine facilities. Some others concentrate on providing safe refuge to local and international visitors and travelers trapped in towns due to the lockdown.
OYO is in communication with various state governments as well as authorities to understand how some of its assets during this critical time can be of use. OYO has also recently partnered with Apollo Hospitals to provide sanitized beds and facilities in some exclusive COVID-19 hotels located near Apollo Hospitals within its network. The collaboration will be enabled for self-quarantine and isolation purposes in 6 cities, namely Mumbai, Delhi, Hyderabad, Chennai, Bengaluru, and Kolkata, for suspected COVID-19 patients who need medical observation and supervision.
