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Wednesday, January 27, 2021
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OYO founder Ritesh Agarwal to take 100% pay cut for rest of year, top mgmt to forego 25-50% salaries

OYO's Founder Ritesh Agarwal has taken a 100% pay cut for the rest of the year while entire executive leadership took a voluntary pay cut between 25-50% amid the coronavirus crisis. Many senior team members are opting for an additional uncapped amount to enable building the runway for the company.

Owing to the adverse impact of the coronavirus outbreak on the travel, tourism and hospitality sectors and to ensure smooth running of operations, the Oyo top brass has decided to take a voluntary pay cut this year.

Founder and Group CEO Ritesh Agarwal will forego 100 percent of his annual salary for the rest of the year starting April 2020. “Oyo’s entire executive leadership (CXOs) team will take a voluntary pay cut, starting at 25 percent, with many opting for an additional uncapped amount, and some going up to 50 percent to help build a runway for the company,” Agarwal said.

“The current situation across the world is deeply concerning. Oyo is doing everything it can to support the world with its limited resources during the pandemic — from making isolation centres to finding a safe place for first responders. Given the current business situation, which is unprecedented for our industry globally, I am foregoing 100 percent of my salary for the rest of the year. I am grateful to my leadership team, that has taken pay cuts to support the company during these tough times,” the Oyo founder added.

The company has identified certain hotels to partner with hospitals and set up safe, pay per use quarantine facilities. Other hotels are focussing on providing accommodation to foreign tourists and travellers stranded in India.

Recently, Oyo partnered with Apollo Hospitals to offer sanitised beds and facilities in certain exclusive hotels for COVID-19 patients. “The partnership will be activated in six cities including Mumbai, Delhi, Hyderabad, Chennai, Bengaluru and Kolkata. COVID-19 suspected patients who require self-quarantine and isolation and medical observation and supervision will be kept at these facilities,” Oyo said in a press statement.

Oyo also announced the launch of the OYO Welfare Fund, the proceeds of which will be used for the benefit and welfare of the employees at OYO properties, asset partners and their staff members in impacted situations such as the COVID-19 pandemic or the consequent restrictions all over the world.

Through this Welfare fund, OYO employees have the opportunity to contribute voluntarily to help those in need. The OYO leadership team and company are further contributing INR 2.5 crore to the Indian PM CARES fund to support millions of people with healthcare, infrastructure, and other facilities. The company said it has made global investments worth approximately USD $3.5 million in the fight against COVID-19.

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