Byju’s delays payments of laid off employees
The employee said many people were fired from his team alone and that the company had sent a mail saying they would settle dues including dearness and travelling allowances and variable pay soon.
Published: 19th September 2023 10:09 AM | Last Updated: 19th September 2023 10:09 AM | A+A A-
Image used for representational purposes
BENGALURU: Edtech firm Byju’s, which fired about 1,000 employees in June, has delayed the full and final settlement for laid-off employees. One of the fired employees told this newspaper that the firm had said they would settle the final payments by September and now they have delayed it by another two months.
The employee said many people were fired from his team alone and that the company had sent a mail saying they would settle dues including dearness and travelling allowances and variable pay soon. Now the company has postponed it to November.
A Byju’s spokesperson confirmed the delay and said, “We regret and acknowledge the delays in settling dues of former employees. As we work through a difficult business restructuring, we are committed to meeting our obligations as soon as possible.”
The workforce reduction in June had affected employees across logistics, training, sales and finance. This comes at a time when the company said it would repay the $1.2 billion term loan B within the next six months. It will clear the loan amount by selling Great Learning and Epic, which were acquired in 2021.
