The laid off employees in the United States will get 14 weeks of base pay plus one additional week for every year at Airbnb, the company said. With millions of tourists canceling plans for vacations, work trips and family visits, Airbnb earlier this year said it was allocating $250 million to help offset losses incurred by hosts. Last month, Airbnb said private equity firms Silver Lake and Sixth Street Partners would invest $1 billion in the startup, raising its cash reserves to around $4 billion. The fund would be used to attract more hosts or homeowners who list their properties for rent on its platform, Airbnb had said. For More of This and Other Stories, Grab Your Copy of the Standard Newspaper.

Source: Standard Digital May 06, 2020 08:37 UTC