BENGALURU : Hospitality unicorn Oyo (Oravel Stays Pvt. Ltd) on Wednesday announced salary cuts and furloughed some of its staff in India, to save cash after its revenues plunged due of the covid-19 pandemic.
In an email to employees, Rohit Kapoor, chief executive officer of Oyo India and South Asia, said that the fixed compensation of the company’s India employees will reduce by 25%.
Employees who earn less than ₹500,000 per annum will not be affected by the cuts. Kapoor also said that “some" Oyo employees will be furloughed for four months starting 4 May. “Those going on this leave will avail benefits such as continuation of medical insurance and parental insurance, school fee reimbursement and ex-gratia support [...] in case of an