OYO to reverse employee pay cuts in phases: Report
Salaries of employees with fixed compensation up to Rs 8 lakh will be the first reinstated from August
August 05, 2020 / 12:11 PM IST
OYO will reinstate salaries in a phased manner, CEO Rohit Kapoor and Chief Human Resources Officer Dinesh Ramamurthi reportedly told staff during a company town hall on August 4.
Salaries of employees with fixed compensation up to Rs 8 lakh will be the first reinstated from this month itself, a source told Mint. As per OYO, 60 percent of the hospitality startup’s India and South Asia based workforce earn within that bracket.
Those earning above Rs 8 lakh will see their 25 percent pay cuts restored by 12.5 percent from October and fully by December 2020, the source added.
Moneycontrol could not independently verify the report.
OYO Founder Ritesh Agarwal had on April 8 announced pay cuts and forced leaves for staff globally due to business impact from coronavirus. By April-end, several India employees suffered 25 percent pay cut, which Agarwal said would be in place for four months starting May. Agarwal himself took a 100 percent pay cut.
OYO did not confirm the number of employees benched, but during the town hall, Kapoor said there would be clarity on the same in the last week of August, the report added.