OYO will support the families of the employees who have lost their lives due to COVID-19, with 8 months' pay in full, and support the education of their children for 5 years as part of bereavement support, OYO founder and Group CEO Ritesh Agarwal said in a tweet on Wednesday.
"The second wave of COVID-19 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," Agarwal said in a tweet.
Highlighting the salient points of the support, he said, "For families of OYOpreneurs who have lost their lives due to COVID-19 OYO to pay full salaries for 8 months and term insurance payout equal to 3 years of their annual pay; support the education of their kids for 5 years; extending group medical coverage to spouse and kids."
Adding that the battle against COVID-19 is far from over, he said he hopes these initiatives will help ease out the difficulties for the families. "We know it's not easy to lose your loved one but irrespective of the circumstance we will support our OYOpreneurs and their kin in every possible way," Agarwal said.
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, OYO said in a statement. "Over 200 OYO volunteers across over 50 cities continue to help our current employees and we are further extending COVID support &and resources ranging from oxygen concentrators to medical supplies round the clock to OYO Alumni and their families," he added in another tweet.
Concluding the series of tweets, Agarwal said, "We won't stop here. In addition to our existing COVID employee policies, we want to do more, not just for OYOpreneurs but also for our extended OYO family. Now more than ever we need to support those who built OYO into what it is today."
First Published: IST