MakeMyTrip’s Group Executive Chairman Deep Kalra and Group CEO Rajesh Magow announced that they would draw zero salary, and the rest of the company’s leadership team has offered to take a 50% pay-cut amid Coronavirus outbreak.
“On people costs front, both of us will take the lead and take zero salary effective April 2020, while the rest of our leadership team have also offered to take a reduction of approximately 50 percent in their compensation,” Kalra and Magow said in a message to company’s employees.
In a recent announcement, Indian Government has ordered a complete lockdown in the whole country till for 21 days. People are advised to forbid any kind of travelling.
As MakeMyTrip provides online travel services including flight tickets, domestic and international holiday packages, hotel reservations, and rail and bus tickets. This business sector has been hit really hard by the decision. There has been sharp drop in bookings with spiralling cancellations and the latest restrictions on domestic air/rail/bus travel has brought the industry to a virtual standstill.
“The last few weeks have been very tough for all of us with the sudden and sharp spread of Covid-19 in India. Our stellar performance in Q3 2020 was sadly short lived as the travel and tourism sector is one of the worst sectors that have been hit by this pandemic,” Kalra and Magow said.
Economic experts across the world are predicting it to be a global economic tsunami that will have far reaching implications for the global economy.