Swiggy has announced the second round of layoffs, which saw another 350 layoffs following the COVID 19 pandemic. The food aggregator stated that it no longer had any restructuring plans. This is the second time that Swiggy has fired its employees. At the beginning of May, 1,100 employees were fired in various classes and functions. The company said the industry had only recovered 50 percent of its peak, which is why it had to take this “unfortunate” move.
“In May, we began realigning resources to create capacity in areas with higher potential, with business optimism reaching levels prior to COVID in the short term. However, the industry has still only recovered to around 50% At the top, unfortunately, we have to continue with this final realignment, which will result in a net loss of 350 jobs. We are completing the exercise that we started in late May and there are no plans for further restructuring, “said a statement from Swiggy said.
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All employees who have been asked to leave will receive an exit package that includes a salary of at least 3 to 8 months depending on their term of office (including an additional month of ex-gratia for each year paid in addition to their notice period), accelerated exercise of ESOPs, extension of accident and risk insurance for affected employees and health insurance for them and their families until December 20, learning support for the development of technical and professional skills, job placement and counseling services and possession of their laptop to highlight some.
The company expects the impact to persist in the short term before the segment grows again.
In May, Swiggy announced that 1,100 people would be fired after the outbreak of the corona virus, which had a serious impact on business.
“Today is one of the saddest days for Swiggy as we have to go through an unfortunate downsizing exercise,” Swiggy co-founder and CEO Sriharsha Majety wrote in an email to the company’s employees on May 18.
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