MakeMyTrip restores salaries as business starts to revive gradually
MakeMyTrip, a leading online travel company, has started restoring salaries of employees with a revival in business three months after announcing pay cuts, said Rajesh Magow Group CEO.
According to an ET Report, MakeMyTrip said that following “a few weeks of business coming back,” the company decided to reverse the salary cuts of employees up to senior manager levels.
Rajesh said, “The company is restoring salaries of employees. We are also looking at announcing it all the way up till the senior vice president level effective 1st August or 1st September 2020. This will cover the entire workforce except for the leadership team of the group,”
MakeMyTrip had announced on 25th March that the leadership team had agreed to take a 50% pay cut and co-founders Deep Kalra and Rajesh Magow had announced that they will be taking zero salaries from April.
“The company’s domestic flight booking volumes are currently at 15-20% of pre-COVID-19 levels and hotel bookings are at 10-12%. There has also been a gradual improvement in bus bookings,” he said.
“Business starts to revive, we have seen marginal improvement week on week but reaching pre-COVID-19 levels will take a few more quarters,” he said.
MakeMyTrip recorded a loss of $338.6 million for the quarter ended March 31, 2020, compared to a loss of $40.4 million in the same period last year. Revenue in the March-ended quarter fell 12.7 per cent to $104.9 million from the year-ago period.
