Oyo Hotels & Homes CEO foregoes 2020 salary
The hotel group has assured that its thousands of employees will continue to receive their salaries
Oyo Hotels & Homes founder and group CEO Ritesh Agarwal has announced he will forego his salary for the entirety of this year as the company rolls out a number of cost-cutting measures. Along with Agarwal, the group’s executive team have taken voluntary pay cuts of up to 50% this year.
Agarwal explained: “The current situation the world over is deeply concerning to each and every one of us. Oyo is doing everything to support the world with its limited resources in this 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% of my salary for the rest of the year.”
Oyo assured that despite a 21-day lockdown in place in India, its 10,000+ workforce would continued to be paid and given their usual benefits. In line with government directives, Oyo has also started to accommodate frontline medical staff, aircrew, tourists and stranded nationals in its hotels.
Other hotels in the group’s portfolio are working with nearby hospitals in setting up safe quarantine facilities.
Agarwal concluded: “I am grateful to my leadership team, that have also taken pay cuts and support the company during these tough times. We at OYO stand committed towards the fight against COVID-19 and will try to do everything in our control to reach out and help people while also ensuring long term success of the company, and our ability to continue delivering on our mission to bring better living spaces for all, at the right prices, globally.”