ixigo reinstates salaries, grants discounted ESOPs to employees
Online travel aggregator ixigo has reinstated salaries and granted deeply discounted employee stock ownership plan, or ESOPs, to all its employees to compensate for the pay cuts made during the last three months.
By : migrator
Update: 2020-07-09 16:22 GMT
New Delhi
The current ESOP grant, announced on Wednesday, will result in an additional 2.3 per cent of the company's overall shareholding being given to all 150 ixigo employees, the company said in a statement.
Earlier this year, in March, with the lockdown coming into effect and the subsequent travel ban, the travel sector was one of the hardest hit.
At that time, ixigo announced graded pay cuts across the team instead of laying off people.
ixigo said it has now reverted salaries for all its employees and has re-initiated hiring for technology and customer experience roles.
"Since the inception of ixigo, we have believed in empathy and transparency as our core values. We believe we made the right decision by sticking together and we are well prepared for the next 12 months road to recovery," said Aloke Bajpai, Co-Founder & CEO, ixigo.
"We expect to get back to 50 per cent of our pre-Covid revenue level by the end of 2020," he said.
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