Market Overview

Google Gives 60-Day Extension To All Contractors Due To Pandemic

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Google Gives 60-Day Extension To All Contractors Due To Pandemic

Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) subsidiary Google LLC has granted a 60-day extension to all its contractors in the wake of the novel coronavirus (COVID-19) outbreak, CNBC reported Tuesday.

What Happened

All contracts which were set to expire between March 20 and May 15 this year would be automatically extended for 60 days from the date they were otherwise set to expire, an internal memo seen by CNBC said.

The extension will be applicable even if the contracts have reached their maximum length, wherever "legally allowed," according to CNBC.

Google noted that many temporary assignments are automatically extended at the end of their initial one-year engagement, even during the normal course of business, and they will continue as usual.

Why It Matters

Alphabet previously created a "COVID-19" fund to give paid leaves to temporary workers who have been diagnosed with the virus or have been quarantined by authorities.

The internet services behemoth has also said that it will pay full pay to hourly workers irrespective of the hours they are required to work during the pandemic.

As noted by CNBC, a number of temporary workers have complained that they are being asked to come to work irrespective of the mandate.

Price Action

Alphabet Class A shares closed 7.2% higher at $1,130.01 on Tuesday. The shares traded 1.5% lower at $1,113 in the after-hours session. Class C shares closed 7.37% higher at $1,134.46 and traded 0.83% lower at $1,125 in the after-hours.

 

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