New Delhi, (Asian independent) Online movie ticket booking platform BookMyShow on Thursday announced to lay off and furlough about 270 employees from its total 1,450 workforce in India and globally.
The rest of the BookMyShow employees have voluntarily taken salary cuts ranging from 10 per cent to 50 per cent at the leadership level, besides giving up their bonuses and all salary raises.
Ashish Hemrajani, Founder and CEO, BookMyShow, said in a statement that in these unprecedented times, the decision will impact employees across various functions and teams.
He, however, did not give the break-up of how many of the 270 employees have been laid off and how many have been furloughed.
“The company has cut all other expenses and renegotiated with the vendors, partners and landlords and after exhausting all other cost-saving measures, we have taken this decision as a last resort,” said Hemrajani.
Those who have been sacked will get equivalent to a minimum of two months’ salary, irrespective of their tenure, or as per their notice period, whichever is higher.
The company said that it will give medical insurance cover to the affected employees and their nominated family members until September 30.
“All those put on furloughs (leave without pay) will continue to remain employed with BookMyShow and will be eligible for all medical insurance, gratuity and other benefits as per their employment standards,” said Hemrajani.
“We are adapting to the changing times to address the market dynamics and restrictions by future proofing the business and will hopefully come out of this stronger and better off,” he added.
The company said that the impacted employees in certain teams will receive a BookMyShow certification highlighting and validating their specific skills that will set them apart from the others and aid their efforts to look for new roles.
“A dedicated team from the HR has been created to assist the impacted employees through this entire process,” said the CEO.