Food ordering and delivery platform Swiggy on Monday said it is laying off 350 employees as part of the realignment exercise it started in May on account of the impact of COVID-19 pandemic.
Swiggy in May had laid off 1,100 employees across grades and functions in cities and head office as part of its exercise to realign resources to create capacity in higher potential areas with the optimism of the business attaining pre-COVID levels in the near-term.
"However, with the industry still only having recovered to about 50 percent of its peak, we have to, unfortunately, go ahead with this final realignment exercise, which will result in the net loss of 350 jobs," Swiggy said in a statement.
The company is concluding the exercise it began late May and there are no plans for any further restructuring, Swiggy said.
"We are fully committed to showing respect and compassion for our transitioning employees and will retain the thoughtful and robust care package that we had put together to ease their burden," it added.
This includes a minimum of three months to eight months of salary based on tenure (includes an extra month of ex-gratia for every year served in addition to their notice period pay), accelerated vesting of ESOPs, extension of accident and term insurance for impacted employees and health insurance for them and their families till Dec'20, the statement said.
The package also includes learning support for both technical and professional skill development, job placement and counselling services and ownership of their laptop among others, it added.
Follow our full coverage of the coronavirus pandemic here.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
