Source | entrackr.com |
Online travel startup Ixigo has slashed salaries of its 170-strong workforce across all levels by about 20 to 60% as it looks to conserve cash due to the COVID-19 pandemic, according to three Entrackr sources. Employees with annual pay packages of under Rs 7-8 lakh have witnessed a cut of about 20% while mid-level employees have been asked to take up to a 35% reduction, said one of the people cited above.
“As for senior-level executives and the leadership team, they have had their pay reduced by 50-60%,” added the same person, requesting anonymity.
Ixigo, however, isn’t laying off employees at the moment. Sources say that the company’s decision to reduce salaries took place just a few days ago.
Confirming the development to Entrackr, Aloke Bajpai, co-founder and CEO of Ixigo said, “Esops will be issued against pay cuts. Rajnish and I have decided to not take our salary until the business comes back on track.”