Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Hyatt Regency closed for repair and renovation until further notice, says it shall Provide the Minimum Basic Salary for one year to Employee’s for the closure period
Kathmandu. Hyatt Regency Kathmandu and its employees have reached an agreement under which the hotel will provide the minimum basic salary for one year.
The hotel has been closed since the vandalism, arson, and looting that occurred during the Gen-Z protest on Bhadra 24. According to the management, the hotel will require minimum one year for reconstruction. “The movement caused extensive financial and physical damage. The hotel is not in condition to resume operations without complete repairs,” the management stated.
As per the agreement, the hotel will provide employees with the minimum basic salary set by the Government of Nepal for one year and will also contribute to the Social Security Fund accordingly.
The hotel has also stated that employees under the agreement will be reinstated once the repair and reconstruction work is completed. The hotel says this arrangement will ensure employees’ livelihood and job security.
Most employees are reported to be positive about the agreement. For employees who do not accept the agreement, the hotel has clarified that it will have no option but to proceed with workforce reduction procedures as per labor act.
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