This large company lays off 350 staff

New Delhi: As the realities of the current corona pandemic are biting hard, there are widespread miseries and slower economic activity, impacting companies, small shops owners, farmers, traders et all. Now travel company has laid off 350 employees to trim its manpower costs amid severe slowdown in business.

MMT has resorted to lay off as there is little new business and even cancellation kept coming in for the reservations made earlier by its customers. 

The laid off employees will continue to get mediclaim coverage for themselves and their families till December 2020 and gratuity. They will also maintain the right to exercise part of RSUs as necessary, according to a news item by CNBC-TV18.

Deep Kalra, Group Chairman and Rajesh Magow, the CEO of the company, had earlier announced that they will not take any compensation from the company from April 2020 onwards for an unspecified duration.

Many companies have been forced to lay off in the current economic downturn.