Ride hailing cab companies have been impacted severely over the last two months owing to the Coronavirus pandemic. During this time Ola cabs has seen its revenues fall by a whopping 95 per cent and as a result the company has now decided to let go of approximately one-fourth of its total workforce in the country. This means that 1,400 of the total 6,000 employees will not be working with the company anymore. These cuts were affected one week ago. Earlier this week Ola's rival Uber had also announced job cuts in India.
Ola's rival in India, Uber, has also asked 600 employees in India to leave.
In a written communication to Ola Employees, co-founder & CEO, Bhavish Aggarwal termed it as the toughest decision he has have ever taken. he said, " We had all hoped in the beginning that this would be a short-lived crisis and that its impact would be temporary. But unfortunately, it's not been a short crisis. And the prognosis ahead for our business is very unclear and uncertain. It is going to take a long time for people to go out and about like before. The world is not going to revert to the pre-COVID era anytime soon."
Also read: Uber Cuts 600 Jobs In India As Lockdown Hits Business
The company says every affected employee will receive a minimum financial payout of 3 months of their fixed salary, irrespective of the notice period. Such employees can also continue using their medical, life and accident insurance cover for themselves and their families up to 31st Dec 2020 or the start of their next job whichever is earlier. The company is also offering medical insurance (for Rs. 2 lakhs) for up to 2 parents (or in-laws) to each employee. Lastly the company says it will also help affected employees find new jobs.
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