Ritesh Agarwal to take a 100% pay cut, OYO sets up a welfare fund for Corona-hit hotel partners
OYOfounder Ritesh Agarwalannounced that he will not take any salary for the rest of the year, while the leadership team at OYO is voluntarily taking a 25% pay cut.
- OYO has also set up a welfare fund the proceeds of which will be used for the benefit and welfare of the employees at OYO properties, asset partners and their staff members.
- So far, OYO has made investments worth ₹25 crore to fight
AdvertisementThe already troubled OYO, which was on a path towards profitability, now has another massive challenge at its doorstep. With the travel and tourism industry being affected due to coronavirus, OYO too sees a decline in bookings.
The company also said that “occupancies of various hotel chains are being affected drastically”.
However, OYO founder Ritesh Agarwal has announced that he will not take any salary for the rest of the year, while the leadership team at OYO is voluntarily taking a 25% pay cut.
“Given the current business situation, which is unprecedented for our industry globally, I am foregoing 100% of my salary for the rest of the year. I am grateful to my leadership team that has also taken pay cuts and supports the company during these tough times,”said Agarwal.
OYO has also set up a welfare fund the proceeds of which will be used for the benefit and welfare of the employees at OYO properties, asset partners and staff members impacted by the COVID-19 pandemic.
For the fund, OYO’s employees can voluntarily contribute to help those in need.
So far, OYO spent ₹25 crore to fight coronavirus globally. Across its hotels around the world, OYO has offered accommodation at discounted prices to medical professionals. In India, the company partnered with Apollo Hospitals to convert its hotels into quarantine facilities at minimum cost.
Apollo Hospitals partners with Oyo, Zomato, SBI and others to offer 5,000 quarantine rooms to Coronavirus patients
OYO to offer free stay to doctors and healthcare professionals in the US, says Ivanka Trump
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