OYO announces ESOPs for furloughed employees impacted by Covid-19 pandemic

Hospitality firm OYO is granting Employee Stock Ownership Plans (ESOPs) worth around Rs 130 crore to all its furloughed employees impacted by the coronavirus pandemic. The decision is part of its efforts to minimise the disruption being experienced by employees, an internal e-mail from its founder Ritesh Agarwal said on Monday.

On April 8, OYO founder and Group CEO Ritesh Agarwal had said in a letter and video message that the company will place a certain number of employees on furloughs or temporary leaves, globally.

The number of furloughed employees globally could run in thousands. The company, however, did not share any details regarding the number of the impacted employees, PTI reported.