Businesses braced for the catastrophic impact of COVID-19. The blow may have been milder
Synopsis
It was believed that smaller companies cannot absorb the economic impact of COVID-19 and many would simply shut shop. Six months later, it seems the fears may have been exaggerated.
Nearly a week after the nationwide lockdown was declared in March-end, budget hotel chain FabHotels reportedly laid off 100 employees and announced cutbacks in salaries. Among pay cuts, the company’s founders took a 25% cut while employees with CTC under Rs 25,000 saw 20% cut in their salaries. In an email sent to its released employees, FabHotels acknowledged the catastrophic blow of the pandemic towards the travel and hospitality sector and
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