NEW DELHI: SoftBank Group-backed OYO Hotels and Homes has cut salaries of all employees in India by 25per cent for four months starting in April and also put some of its staff on leave without pay, according to an internal memo reviewed by Reuters.
"Our company is taking a difficult but necessary step for India, whereby we are asking all OYOprenuers to accept a reduction in their fixed compensation by 25per cent," Kapoor said. The voluntary leave with limited benefits for India are part of the global exercise announced on April 8, an OYO spokeswoman said, adding that the company had said at the time there would be no leave-related action in India until the lockdown prevailed.The Indian government had announced a 21-day lockdown last month to curb the spread of the coronavirus, but extended it until May 3.
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