Hospitality firm, OYO India, said on the company blog that it is offering its employees, who are on leave with limited benefits, the option to voluntarily separate or extend the leave for another six months.
An e-mail to this effect was also sent to the employees.
In an address to the employees on Leave with Limited Benefits (LwLB), Rohit Kapoor, CEO, OYO India and South Asia, said, “We know it is challenging to hold you back due to a situation that neither you nor we can control or wish away.”
“You can either choose to opt for the voluntary separation programme (VSP) or continue the LwLB period by another six months until February 28, 2021,” Kapoor said.
Kapoor had also highlighted that although the Company is hopeful about recovering, there is sadly no clear visibility on the timelines at this moment.
“It has enabled the Company to prioritise its commitment of saving as many jobs as it could and call back some impacted colleagues in different teams and geographies, as limited opportunities opened up,” the blog read.
For those who opt for VSP, the Company will provide benefits, such as financial assistance, relaxation on employee stock ownership plan (ESOP) vesting, continued health coverage, parental insurance and extension of OYO exigency fund.
It will also offer career transition support, OYO ambassador programme and OYO Helpdesk to help the employees withdraw provident fund (PF) and provide answers to any queries they may have.
“We are offering a cash benefit equivalent to their notice pay basis last-drawn compensation in March 2020. This is beyond the 30 per cent ex-gratia pay that was enabled for the months of May and June, respectively, for some upfront liquidity,” the statement said.
For those who opt for extended leave with limited benefits, OYO will provide financial assistance in the form of school education, vaccination allowance, continued health coverage, parental insurance and extension of OYO exigency.
In April, OYO had asked some of its staff in India to go on leave with limited benefits from May 4 for four months. It had also asked all employees in the country to accept a 25 per cent cut in their fixed salaries due to the pandemic.
OYO reopened partially after June 8 in a phased manner after the Government’s nod.