20th May 2020: On Wednesday, renowned company – Ola has announced to fire 1,400 employees. Due to this pandemic followed by lockdown, the company is facing a lot of troubles. According to the company, the loss in their revenue had forced them to lay off their employees. In the last two months, the company has faced 90% of business losses.
Bhavish Aggarwal, co-founder, and CEO has shared an email with its employees to inform them about this huge step. “In these circumstances, today I write to all of you with the toughest decision I have ever taken – the need to downsize our organization and let go of 1400 of our valued employees,” said in the email.
Its arch-rival Uber has also sacked 700 employees in India and thousands all over the world. Companies associated with the business of travel, hospitality, and mobility space have been knocked off severely.
“Ever since my last email to you 6 weeks ago, I had hoped to write again soon in better times. Unfortunately, the COVID crisis continues to unfold all around us causing unprecedented economic and social destruction,” added Aggarwal’s email.
To compensate employees, the company has decided to provide a payout of 3 months of their fixed salary. Beyond this, vintage employees will be eligible for higher payouts according to their tenure.
The company is providing lease rental waivers for over 30,000 leasing drivers providing them relief of up to Rs. 25,000 a month.
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