Another startup fires 200 employees

New Delhi: Another startup has joined the league of companies laying off employees amid the severe corona virus pandemic. Now CarDekho has decided to fire 2000 employees and has also resorted to pay cuts for the entire company.

As of now, it has been deiced to deduct salaries for three months-May, June and July. Those earning between Rs 2.5 lakh and Rs 5 lakh per annum will have to bear 12 percent pay cut and those earning between Rs 5 lakh and Rs 15 lakh per annumner will have to bear 15 percent salary cut. Those earning less than Rs 2.5 lakh per annum have bene spared for now.

Those earning between Rs 15 lakh to 40 lakh per annum will have their salaries cut by 20 percent and those earning more than Rs 40 lakh per annum will get a salary cut of 22.5 percent.

The senior management of the company will have a salary cut of 45 percent.

The automobile sector has been experiencing its own problems and reeling under s slowdown for about a year. The current lockdown has increased the pain and April saw no sales of Maruti, Hyundai and other OEMS. There are dealerships that are staring at complete shutdown. The dealerships have already fired any employees.

The OEMs are saying that recovery in the automobile segment will take 3-4 years. 

There are other startups like Zomato, OYO, Swiggy, Uber, Ola and Sharechat that have fired employees in thousands.