In what it calls as its final step in the restructuring exercise, food delivery firm, Swiggy, has announced further layoffs of 350 employees. This part of the realignment comes two months after the company laid off 1,100 employees in May this year.
The organisation’s restructuring exercise began in May 2020, when it laid off 1,100 roles across different grades and functions in the cities and at the head office. The effort was aimed at diverting attention towards the high-potential areas which would bring business back to pre-COVID levels.
However, things did not pan out as intended and with the industry having recovered to only half its previous strength, further restructuring was necessary according to the Company. This is the concluding phase of the restructuring plan, according to the organisation.
The laid-off employees will all get three months’ salary, accelerated ESOPs, accident and term insurance for impacted employees and health insurance for them and their families until December 2020. In addition, employees will also be eligible for an extra month of ex-gratia for every year served in addition to their notice period pay.
The severance package further includes learning support for technical and professional skill development, job placement and counselling.