Oyo to offer eight months' salary, medical coverage to families of employees who died due to COVID

The CEO and founder of Oyo Hotels, Ritesh Agarwal

Soon after announcing a four-day workweek, hospitality firm Oyo has come up with a bereavement plan for the families of its employees who have lost their lives due to COVID-19.

The company plans to offer full salaries for eight months and a term insurance payout equal to three years of their annual pay. It will also support the education of their kids for five years and extend the group medical coverage to the spouse and kids.

"The battle against COVID is far from over but I hope these initiatives will help ease out the difficulties for the families. We know it's not easy to lose your loved one but irrespective of the circumstance we will support our OYOpreneurs and their kin in every possible way," Ritesh Agarwal, founder and chief executive officer, said in a Tweet.

The company has also been running multiple other initiatives including L1 healthcare facilities for non-critical COVID patients. These facilities are equipped with oxygen concentrators, doctors and nurses.

Currently, the country has overrun its capacity with the tally of those affected by COVID-19 mounting to 2.54 crore.

Oyo has also been offering its employees infinite paid leave option till July.

The company will also offer the employee's legal heirs an opportunity to liquidate and settle the vested options or exercised shares upon the occurrence of the next liquidity event, it said in a statement.