COVID-19

OYO latest for exec pay cut

OYO has become the latest company to announce executive pay cuts, taking a voluntary reduction of up to 50%.

The company said that, in the UK, it was in talks with local councils to see if any of its hotels could be used for alternative purposes, such as interim accommodation for those in need.

Ritesh Agarwal, founder & group CEO, said: “The current situation the world over is deeply concerning to each and every one of us. OYO is doing everything to support the world with its limited resources in this pandemic from making isolation centres to finding a safe place for first responders.

“Given the current business situation, which is unprecedented for our industry globally, I am foregoing 100% of my salary for the rest of the year. I am grateful to my leadership team, that have also taken pay cuts and support the company during these tough times.

“We at OYO stand committed towards the fight against COVID-19 and will try to do everything in our control to reach out and help people while also ensuring long term success of the company, and our ability to continue delivering on our mission to bring better living spaces for all, at the right prices, globally. ”

In the UK, OYO UK announced that it is keeping over 2,000 rooms open to accommodate key workers who are unable to work from home and are in need of places to stay close to their place of employment. The group said that it had introduced reduced fixed rate pricing across its UK properties “to remove unpredictability,  allowing individuals and businesses to accurately budget for contingency accommodation”. Rooms were available for a flat rate of £175 per week or £32 per night within London and in many other locations across the UK.