▸ OYO on Tuesday told its employees that it is restoring the full salaries of staffers in India and South Asia
India’s hospitality unicorn OYO in a recent statement has revealed that the company will reverse the pay cuts for its employees with fixed compensation of up to INR 800,000 with effect from 1 August. The rest of the employees will witness the restoration in a phased manner from October. It was announced to the employees by OYO India and South Asia CEO Rohit Kapoor in a townhall meeting with the employees
The hospitality firm had on April 22 had asked some of its staff in India to go on leave with limited benefits from May 4 for four months. It also asked all employees in the country to accept a cut in their fixed salaries by 25 per cent effective for April-July 2020 payroll, due to the impact of COVID-19.
An OYO spokesperson said 12.5 per cent of the total 25 per cent salary cut will be restored from October and the remaining 12.5 per cent from December 2020.
In the words of the spokesperson, the statement said,
“We are grateful to all our OYOpreneurs for giving OYO a fighting chance to survive these tough times. The organisation respects your unwavering support for it in good as well as tough times,”
Kapoor also urged everyone to continue working together to bring the business back to pre-COVID levels.
When the pay cuts were announced in May, the company had said the action was planned in such a way that post the proposed pay cut, the fixed compensation for any employee is not less than INR 500,000 per annum. This ensured a large percentage of employees at lower pay scales saw no impact.
