Ola to layoff 1,400 employees hit by Covid-19 slowdown

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Ola to layoff 1,400 employees hit by Covid-19 slowdown

May 20, 2020 14:44 IST

Cab aggregator Ola is laying off 1,400 staff from rides, financial services and food business as revenues declined by 95% in the last two months due to coronavirus pandemic. A note by CEO Bhavish Aggarwal, in an email to employees said, that the prognosis ahead for the business is 'very unclear and uncertain' and the impact of this crisis is 'definitely going to be long-drawn' for the company. Aggarwal said the impacted employees will receive a minimum financial payout of 3 months of their fixed salary, irrespective of the notice period.

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