Oyo sends letter to staff stating it’s making all employees shareholders

NEW DELHI: Following the salary cuts which have been implemented across functions and putting some employees on a leave with limited benefits plan, SoftBank backed Oyo Hotels & Homes has sent off a letter to employees stating they have decided to make every employee a co-owner and shareholder of the company by granting them ‘deeply discounted ESOPS.

People familiar with matters at the company said these letters have been sent to employees who have been put on a leave with limited benefits plan as well as others who continued to work.

In April, Oyo announced pay cuts and ‘leave with limited benefits’ options for its staff in India.