Oyo extends furlough for Indian employees by another six months
Hotel aggregator Oyo has decided to extend the furlough period of its Indian employees, by six more months. The furlough period was initially expected to conclude by the end of August.
The Gurugram-headquartered company has also introduced a voluntary separation option for those employees who want to move on.
Under its voluntary separation plan, Oyo India has also granted restricted stock units to all its employees. Staff who opt for the voluntary separation program are being given a choice to cancel a small portion – around 25% – of their unvested restricted stock units or RSUs and get additional cash benefit equal to 25% of their March salary.
Oyo, once among the world’s largest hotel chains by room count, said a recovery in business was taking longer than expected following India’s nationwide coronavirus induced lockdown.