9,979.10152.95
Stock Analysis, IPO, Mutual Funds, Bonds & More

Oyo founder, Ritesh Agarwal, to forgo pay for 2020

Startups have started laying off staff and, in some cases, asking employees to take pay cuts as they look for ways to weather the impact of the coronavirus outbreak.

ET Bureau|
Last Updated: Apr 03, 2020, 09.38 AM IST
0Comments
riteshBCCL
"I am foregoing 100% of my salary for the rest of the year," said Agarwal.
BENGALURU: Oyo founder and group CEO Ritesh Agarwal will forego his salary for the rest of the year. The company’s executive leadership team will take voluntary pay cuts starting at 25% and going up to 50%.

“The current situation the world over is deeply concerning to each and every one of us… 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 have also taken pay cuts and support the company during these tough times,” Agarwal said in a statement.

Startups have started laying off staff and, in some cases, asking employees to take pay cuts as they look for ways to weather the impact of the coronavirus outbreak, ET reported earlier this week.

In the travel and hospitality space ticket booking platforms like MakeMyTrip, Cleartrip, ixigo and hotel chain Fab Hotels have cut salaries while a few have started sacking staff, according to data sourced from Big. Jobs—a job portal.

Also Read

Oyo’s Ritesh Agarwal says failures of WeWork changed everything

Oyo founder, Ritesh Agarwal, named the youngest Indian billionaire by Hurun

Cheating case against Oyo founder Ritesh Agarwal, 6 others

Well-being over business for Ritesh Agarwal; OYO boss restricts work travel to China over Coronavirus concerns

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service