This Google-Backed Indian Startup Gives ESOPs To Every Employee: Designation, Tenure Does’t Matter! (How Will It Work?)
Meesho has now introduced a new ESOP for all, which is termed as MeeSop.
Under this program, all full time employees will be able to convert as much as 25% of their CTC into ESOPs.
Read on to find out what the new SOPs bu Meesho include!
Meesho Introduces New ESOPs; How Will This Work?
The new ESOPs state that any full-time employee, irrespective of their tenure in the company or their seniority will be able to convert a maximum of 25% of their annual CTC into ESOPs, subject to a minimum of Rs 50,000.
ESOPs that are thus granted will be greater than 100% of the CTC relinquished, as per the company said in a press release.
As per Vidit Aatrey, Founder & CEO, Meesho, “The MeeSOP program takes this commitment further, breaking hierarchies to make every employee an owner, and providing more avenues for wealth creation. As we hire more talent, we will continue to provide our team with the means to realize their personal and financial goals with us.”
He stated that the repeated periodic buybacks will make sure that employees of the company continue to grow with the company.
MeeSop To Be Completely Inclusive?
The ESOPs, termed as MeeSOP program is not like the typical ESOP plans. It is completely inclusive and will provide every employee with benefits from Meesho’s rapid growth. It will also ensure 100% of the grant that is vested at the end of one year. It will also provide employees with opportunities and control to opting employees and help them cash in on the company’s frequent ESOP liquidation program.
We had previously reported that Zerodha, Unacademy, Urban Company, Zomato, Swiggy, now Meesho, a social e-commerce platform, has launched the Employee Stock Ownership Plan (ESOP) buyback plans for its employees.
This plan will allow the employees right from junior level to senior executives to vest 100% of their shares.
The current ESOP buyback plan by Meesho will be the second such initiative by the company.