OLA lays off 1400 employees as the company faces 95 percent revenue hit
Ola has decided to lay-off 1400 employees after its revenue fell by 95% in the last months.
Ride-hailing service Ola has terminated 1400 employees in the backdrop of COVID-19. the downsizing comes just days after ola resume the service in sound in some of the Indian cities as long ground rules were relaxed.
Bhavesh Kumar CEO and co-founder of ola in a note to his employee said that the company revenue has come down by 95 percent in the last two months.
The fallout of the virus has been very tough for our industry, in particular, our revenue has come down 95% over the past 2 months. most importantly this crisis as a factor in the living food of millions of our drivers and their families across India in our international geographies.
Kumar said that the employees in the senior leadership position have taken salary cuts. Kumar, for the road that the prognosis of all the companies is uncertain since the crisis is not short-lived he also got that the word will not revert the pre-COVID era anytime soon.
As per the note, affected employees working under the India mobility business will depart from ola by the end of this week .will people working at ola food and role of financial services will leave their job by the end of the next week the note also read that there will be no more related cuts off after this exercise.
However, ola will be providing the affected employees with benefits on the financial health care emotion and career support.
Every affected employee will receive a financial payout of 3 months of the year fixed salary Kumar noted more about the employees who have to spend more time in the company will be eligible for higher payouts depending on their tenure.
Further, all affected employees will be able to continue using their medical life and accident insurance cover for themselves and their families up to December 31 of the start of the next job whichever is earlier.
Ola also extended and insurance cover of rupees 200000 for the parents of the employees. the insurance cover will be applicable unit enter until December 31 or till the time they find the news of the insurance cover is also applicable to existing workers.
The note for the said that the Ola will help it departing employees find a job outside of ola. “We are railing the support of the ola talent acquisition team to help with outplacement support as many people in helping find suitable roles for them outside of ola”. moreover the company is allowing the employees to retain all company-issued laptops.
It is mandatory for the car drivers to now wear are masks, sanitize cars, and not to take more than 2 passengers per ride. moreover the usage of AC is restricted in the case and luggage to be handled by the passengers.