Oyo announces bereavement policy for Covid-19-impacted staff and families

Eight months' pay in full to family of deceased, term insurance payout equalling three years' annual pay, education support for children, medical cover for survivors

In another step towards supporting its employees and their families affected by the ongoing second wave of Covid-19, Oyo on Wednesday announced welfare benefits as part of its bereavement policy.

"In the unfortunate event of the death of an employee due to Covid-19, the company will support the family of the deceased with eight months pay in full and a term insurance payout which equals three years of their annual pay. Oyo will also sponsor the education of the employee’s children (upto two) and extend medical coverage of upto 3 lakhs for the spouse and children for a period of 5 years," the company said in a statement.

Apart from statutory benefits, the employee’s legal heirs or nominee will be granted an opportunity to liquidate and settle the vested options or exercised shares upon the occurrence of the next liquidity event.

The hospitality chain also said it has opened up Covid-19 related healthcare benefits for its alumni, including access to Oyo’s Covid-19 war room, its community of over 200 volunteers

across over 50 cities to ensure response and support for verified information on facilities, oxygen supply, medicines, and access to OYO sourced oxygen concentrators and cylinders, among others.

“Covid-19’s second wave 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 in this difficult time. We are further extending COVID support and resources to our OYO alumni, till the pandemic persists. We want to do more, not just for OYOpreneurs, but also for our extended OYO family. We are all safe only when each one of us is safe,” said Ritesh Agarwal, Founder & Group CEO, Oyo.

Last week, Oyo rolled out a four-day work week for its employees, in addition to allowing infinite no-questions-asked paid leaves to help them deal with the mental health impact of the pandemic.