From OYO to Upgrad to Zomato, employees get full salaries as startups begin reversing pay cuts
- When the lockdown happened in March and the economy came to a halt, every other company had announced pay cuts and laid off or furloughed employees to save costs.
- Startups and companies are now beginning to restore the salaries of employees.
- Companies like OYO, Upgrad, Zomato have restored original salaries.
Five months into the coronavirus pandemic and having taken stock of how COVID-19 impacts their businesses, startups and companies are now beginning to restore the salaries of employees. When the lockdown happened in March and the economy came to a halt, every other company had announced pay cuts and laid off or furloughed employees to save costs.
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|Startups that have announced reversal of pay cuts|
Most recently, OYO announced that it will be reversing the pay cuts in a phased manner. Currently, the hospitality unicorn has restored salaries for employees who earn up to ₹8 lakh per annum, which means salaries of over 60% of OYO employees across India and South Asia stand reversed.
For the other employees, the startup said that 12.5% of the total 25% cut will be restored from October while the remaining 12.5% pay cut will be restored effective December 2020.
Earlier, many other startups like Upgrad, Zomato, Grofers too had restored the salaries of employees. Zomato CEO Deepinder Goyal in a blog had said that all the original salaries of employees had been reinstated.
The development comes even when for the likes of OYO and Zomato, the full scale of the impact of COVID-19 has not yet been determined.
Bonus and appraisals too rolled out
Companies, which had hit pause on the appraisal cycle of April too have started rolling out bonuses. PwC, which had deferred appraisals and bonuses in March in light of the coronavirus pandemic, had also said that it will roll out the hikes and promotions for its employees in October.
E-commerce startup Snapdeal too had released appraisals for its employees.
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