BookMyShow on Thursday said it will cut some jobs and put some employees on furloughs as Covid-19 pandemic hit business.
Of 1,450 employees at BookMyShow in India and globally, about 270 employees (including those put on furlough) across various functions and teams, will be impacted through this exercise, said founder & CEO Ashish Hemrajani in a note to employees.
“To those who are leaving us, I am truly sorry for having to make this decision. While it is of no consolation, you should know that the teams that are staying back have voluntarily taken salary cuts ranging from 10% to 50% at the leadership level, given up their bonuses and all salary raises. The company has cut all other expenses and renegotiated with vendors, partners and landlords and after exhausting all other cost-saving measures, we have taken this decision as a last resort,” Hemrajani said.
Members of the workforce who have been put on furlough will continue to remain employed with the company and will be eligible for all medical insurance, gratuity and other benefits as per their employment standards. For those who have been asked to leave, the company will give them a severance package equivalent to a minimum of two months of salary irrespective of their tenure or as per notice period, whichever is higher.