MakeMyTrip Lays Off 350 Employees as Business Takes a Huge Hit Due to COVID-19 Pandemic
Online travel portal MakeMyTrip announced that it is laying off 350 employees as its business has taken a severe hit due to the COVID-19 pandemic.
Mumbai, June 1: Online travel portal MakeMyTrip announced that it is laying off 350 employees as its business has taken a severe hit due to the COVID-19 pandemic. According to a CNBC-TV18 report, the decision was announced by company CEO Deep Kalra in a letter. The company further mentioned that it not sure as to when travelling would become a way of life, as it was in the pre-COVID-19 period.
In the letter, it was announced that in order to support the employees who have been laid off, MakeMyTrip would be offering mediclaim coverage for individuals and their families till the end of the year, leave encashment, gratuity, retaining the right to exercise part of RSUs as applicable, retention of company laptops and outplacement support apart from salary payments according to the notice periods. Curefit Lays Off Several Employees, Slashes Salaries, Shuts Cult Centres in Small Towns in India & UAE Due to COVID-19 Pandemic.
In March, top executives including Kalra and Rajesh Magow decided to draw 'zero salary' from April 2020, while the rest of its leadership team took a reduction of around 50 per cent in their compensation amid the COVID-19 outbreak. India currently is in the middle of phase 5 of the lockdown which started today. There have been several relaxations that have been announced in this phase of the lockdown. International travel will, however, remain banned in this phase of the lockdown.
(The above story first appeared on LatestLY on Jun 01, 2020 12:16 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).