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Swiggy to lay off 350 employees as COVID-19 impacts business

Swiggy to lay off 350 employees as COVID-19 impacts business

Food ordering and delivery firm Swiggy is laying off 350 employees as COVID-19 pandemic continues to impact its business.

 

The job cuts are part of the realignment exercise which it started in May. “In May, we began the exercise of realigning resources to create capacity in higher potential areas with the optimism of the business attaining pre-covid levels in the near-term,” Swiggy said.

 

“However, with the industry still only having recovered to about 50 per cent of its peak, we have to, unfortunately, go ahead with this final realignment exercise, which will result in the net loss of 350 jobs. We are concluding the exercise we began late May and there are no plans for any further restructuring”.

 

The Bengaluru-based company said it is committed to showing respect and compassion for its transitioning employees and will retain the thoughtful and robust care package that it had put together to ease their burden which includes a minimum of 3 months to 8 months of salary based on tenure (includes an extra month of ex-gratia for every year served in addition to their notice period pay) and accelerated vesting of employee stock ownership plans (ESOPs).

 

Unicorn food delivery firm had laid off 1,100 employees across grades and functions in May.

 

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