Lawstreet Journal

OYO Announces ESOPs for All Furloughed Employees

Lawstreet Journal 2 Jun 2020 11:11pm

Image courtesy: Lawstreet Journal Business OYO Announces ESOPs for All Furloughed Employees

Amounting to a whopping Rs 130 crore, the hospitality firm OYO is granting employee stock ownership plans (ESOPs) to all its furloughed employees impacted by the COVID-19 pandemic as part of its efforts to minimize the disruption being experienced by them as stated in an e-mail from its founder Ritesh Agarwal on Monday. 

Recently, OYO founder and CEO Ritesh Agarwal have stated in a letter and video message that the company will place a certain number of employees on furloughs or temporary leaves, globally. 

In a recent report, it was revealed that the number of furloughed employees globally could run in thousands and that the company did not share any details regarding the number of employees impacted by the said scheme. 

Agarwal in an internal town hall to its impacted employees said that while he hoped that the company can get as many employees back, he is cognizant of the practical reality that the uncertainty around the COVID-19 situation will continue for some time. 

He further added that “I would like to recognize your contributions and this love and passion for OYO by making you a co-owner and shareholder of the company. I would like to inform you that all impacted OYOpreneurs would be eligible for ESOPs worth around Rs 130 crore.” 

Agarwal further commented by stating that the details regarding the employees' specific grant would be share on e-mail separately and would be will be detailed as per their band and geographies. 

He further announced, “In addition, we also understand that some of you may… Continue Reading...

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