Oyo to offer 8 months’ pay under Covid-19 bereavement policy

Details:

• Oyo will provide the family of a deceased employee with eight months’ worth of salary and a term insurance payout equal to three years of annual pay as part of its bereavement support.
• The company will also increase medical support for the employee’s spouse and children by up to 3 lakh rupees (US$4,100) for five years. In addition, Oyo will sponsor the education of two children in the family and settle vested options or exercised shares at the next liquidity event.

Context:

• Oyo recently rolled out a four-day working week, along with flexible infinite paid leaves to alleviate employee stress levels amid the Covid-19 pandemic.
• In April, CEO Ritesh Agarwal denied reports that Oyo had filed for bankruptcy after an unidentified supplier made a claim for US$22,000.

Currency converted from US dollar to Indian rupees: US$1 = 73.14 rupees.