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Ola fires 1,400 employees as COVID-19 pandemic hits their revenues by 95% in the last two months.

Courtesy/By: Srishty Jaiswal | 2020-05-22 09:10

Ola fires 1,400 employees as COVID-19 pandemic hits their revenues by 95% in the last two months.

On May 20, 2020, Ola, Indian ride- hailing unicorn has fired 1,400 employees due to the Coronavirus pandemic hits their revenues by 95 per cent in the last two months lockdown and maybe it is continued.

Ola Chief Executive Officer Bhavish Aggarwal said in email to employees, “Our revenue has come down 95 per cent in the last two months. Most importantly, this crises has affected the livelihood of millions of our drivers and their families across India and the International geographies and he also said “The world is not going to revert to the pre-COVID era anytime soon. Social distancing, anxiety and an abundance of caution will be the operating principles for everyone”.

The Ola employees, who are affected by the impact of COVID-19 pandemic, then they will receive a minimum financial wages of 3 months of their fixed salary, irrespective of the notice period and the employees who spend more time with us, definitely they will be eligible for higher salaries depending on tenure.

Ola, Chief Executive Officer Bhavish Aggarwal said “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, 2020 or the start of their next job whichever is earlier, to help minimize the financial burden of health and other risks in a time like this”. The employees, who extended their work term, their salary will be cuts to manage the losses.

Last year also Ola Company not in a good condition. Ola had undertaken a restructuring exercise of its 4,500 workforce that resulted in about 350 employees being laid off. The company has, in the part, spoken of its aim to turn profitable and go public in the next few years.

The Ola ride-hailing business has been severrly affected due to the COVID-19 two months lockdown. Now with lockdown 4.o, Ola had resumed their services on May 19, 2020 in over 160 cities of India.

 

Courtesy/By: Srishty Jaiswal | 2020-05-22 09:10