Gurugram, Haryana-based travel firm, MakeMyTrip, is laying off 350 employees after suffering a massive downturn in its business because of the COVID-19 pandemic. In a letter sent to all employees on Monday, the company’s founder, Deep Kalra, and CEO, Rajesh Magow, said that the decision was “undoubtedly the toughest decision we have had to take so far and it’s the saddest day for us as an organization”.
As part of the severance package, employees will get salary payments as per their notice periods, as well as Mediclaim coverage for themselves and their families until the end of the year. All affected employees will also be entitled to leave encashment, gratuity and outplacement support. They will also retain the right to exercise part of RSUs (Restricted Stock Units) as applicable and get to keep their company laptops.
According to NDTV, the letter said:“… it is evident that the pandemic has changed the context and viability of some of our business lines in its current form. Keeping this in mind we have had to take this sad but inevitable decision of rightsizing our workforce”. The report further claims that most of the affected employees are from the company’s ‘international holidays’ division and related operations.
A number of companies have downsized recently because of the pandemic and the resultant lockdowns that have badly affected their businesses. While Swiggy cut more than 1,000 jobs earlier this month, Ola laid off 1,400 workers last week. BookMyShow also laid off or furloughed 270 employees – around 18 percent of its total workforce – because of the impact the pandemic has had on the consumption of out-of-home entertainment.