Swiggy embarks on a downsizing exercise following the Covid-19 lockdown crisis that has hit its earnings. This is despite the food delivery major efforts chalking out an accelerated path to profitability last December. In line with the business decisions, it will ax 1,100 of its employees spanning across grades and functions in the cities and head office over the next few days.
All impacted employees will receive at least three months of salary irrespective of their notice period or tenure. It will offer an extra month of ex-gratia in addition to their notice period pay, working out to between 3-8 months of salary depending on the tenure.
While its standard ESOP policy has a 1-year cliff and annual vesting, it will be extending ESOP vesting to the nearest quarter including the months of the notice period and waive off the 1-year cliff for those who have not completed one year. During the current health crisis, the company will provide medical insurance cover for its employees and their nominated family members until December 31, 2020.
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