OYO’s Ritesh Agarwal has joined the fight against the coronavirus crisis and has announced that he will forego all of his annual salary to help the government.
OYO’s Ritesh Agarwal has joined the fight against the coronavirus crisis and has announced that he will forego all of his annual salary to help the government. OYO’s other executive leaders have also opted for a voluntary pay cut of up to 50% to enable building the runway for the company. The same will reflect in the April salary, the company said in a statement on Thursday. “Given the current business situation, which is unprecedented for our industry globally, I am foregoing 100 per cent 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,” OYO founder Ritesh Agarwal said.
As the country remains in a lockdown for 21 days, the hospitality and tourism industry is one of the worst hit sectors in the country. OYO has said that it will not cut salaries of its employees in the trying times. “The company has assured that all employees in India,
including ten thousand plus OYOpreneurs on payrolls and tens of thousands of OYO managed assets staff including lots of hotels which will open post lockdown will continue to receive their salaries and benefits without any interruptions during this unprecedented period of a countrywide 21-days lockdown,” it said.
The company is also offering its hotels to frontline medical staff, aircrew, corporates, tourists, PGs as well as foreign nationals who are stranded in the nationwide lockdown, in line with the government directive.
Meanwhile other industrialists and companies have also announced help towards the government’s efforts to contain coronavirus. Recently, food aggregator Swiggy’s CEO Sriharsha Majety had also said that he will contribute 50% of his salary towards the cause. The online food delivery platform also looks to raise Rs 10 crore for the fund. Ola’s Bhavish Aggarwal had also pledged an entire year’s salary to fight coronavirus.