OYO to give bereavement package to Covid-19 affected families, to sponsor child's education
As the second wave of Covid-19 continues to engulf the country, hospitality unicornhas announced a slew of welfare benefits to its employees. Ritesh Agarwal, Founder & Group CEO, OYO, announced in its tweet that in the unfortunate event of the death of an employee due to COVID-19, the company will support the family of the deceased with eight months pay in full and a term insurance payout, which equals three years of their annual pay.
OYO will also sponsor the education of the employee’s children (up to two) and extend medical coverage of up to Rs 3 lakh for the spouse and children for a period of five years.
Besides statutory benefits, the employee’s legal heirs/nominee will be granted an opportunity to liquidate and settle the vested options or exercised shares upon the occurrence of the next liquidity event.
In a press statement, Ritesh Agarwal, Founder & Group CEO, OYO, said, “COVID-19’s second wave has been devastating for many. During this time, the well-being of OYOpreneurs and their families is our utmost priority. Unfortunately, some of our colleagues have lost their battle with COVID-19 and we hope that our bereavement support will help their kin in this difficult time."
"We are further extending COVID support and resources to our OYO alumni, till the pandemic persists. We want to do more, not just for OYOpreneurs, but also for our extended OYO family. We are all safe only when each one of us is safe,” he added.
The company is further extending support to OYO alumni and providing them with access to a slew of COVID-related resources. OYO has opened up COVID-19 related healthcare benefits for its alumni, including access to OYO’s COVID-19 war room, OYO COVID CHAMPIONS - a community of 200+ volunteers across 50+ cities to ensure response and support for verified information on facilities, oxygen supply, medicines, and access to OYO sourced oxygen concentrators and cylinders, among others.
OYO recently facilitated and concluded a COVID-19 vaccination drive in partnership with Max Healthcare for Delhi NCR. The company is in the process of setting up more camps for its employees across the country. These initiatives come after the company introduced a four-day workweek for the month of May and flexible off until July.