Oyo Rooms have announced that they will start giving full salaries to thousands of employees, along with compensation as well.
This way, the salary cuts by Oyo Rooms have been fully reversed.
Oyo Starting Giving Full Salaries
During a recent townhall meeting conducted by Oyo Room’s CEO for India and South Asia Rohit Kapoor and chief human resources officer Dinesh Ramamurthi, it has been revealed that the company is restoring the salaries of thousands of employees.
Along with the salaries, compensation will also be provided to the employees.
This way, salary cuts and salary hold has been full reversed.
As of now, salary and compensation will be restored for those employees, who have a salary of Rs 8 lakh or less.
In the next month’s payroll, the employees will start receiving their full salary, along with the compensations.
How This Salary Restoration Will Take Place
The other employees whose salary is more than Rs 8 lakh per year, the restoration will take place gradually, and by December end, all the employees will get their regular salaries.
While 12.5% of the salary cut of 25% will be restored by October, the other 12.5% salary cut will be restored after October.
Earlier, Oyo Rooms had announced a salary cuts of upto 25% for employees, along with enforced leave without pay for upto 4 months for some employees.
Oyo Rooms had described these steps as “hard decision”, but it seems that the worst is now over for the Oyo employees.
Oyo Rooms had already announced ESOPs worth Rs 130 crore for all the employees, as a way to compensate for the loss in salary. This is certainly one of the biggest ESOP program in India, and it was designed for those employees, who had lost their salary due to enforced leave without pay.
We will keep you updated, as more details come in.
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