While Swiggy's standard ESOP policy has a one-year cliff and annual vesting, it will now be extending ESOP vesting to the nearest quarter (including the months of the notice period) and waive the one-year cliff for those who have not completed a year.
The firm will also be offering an extra month of ex-gratia for every year they have spent at Swiggy, working out to between three to eight months’ salary.
All impacted employees will receive at least three months’ pay, irrespective of their notice period or tenure.
The firm said that over the next few days, the HR team, along with the line manager, will have one-on-ones with affected employees, and address their questions.
Bengaluru-based unicorn is laying off 1,100 employees across grades and functions over the next few days, as Covid-19 continues to infect its food delivery and cloud kitchen business.