Thursday, July 18, 2024

Byju’s delays final settlements of laid-off workers again: Report

After shifting the date of the full and final settlement of laid-off employees from September to November, edtech major Byju’s has once again delayed the payment.

Moneycontrol connected to about 60 workers who were sacked by the company in the first nine months of 2023. Forty former employees claim that the corporation has yet to pay out their full and final compensation, which was supposed to arrive by November 17.

Eight former employees said they received the money, but about two-three didn’t receive their variable pay or incentives.

Nearly 10 employees who were laid off by the firm between June and July are still waiting for a final settlement, said the report.

However, the report mentioned, citing sources, Byju’s is making the payments in stages on a weekly basis, and has already fulfilled the instalments due in October.

This comes at a time when many of these employees have been unable to find another employment following their termination due to tough macroeconomic conditions.

In June, Byju’s laid off about 1,000 staff members across various departments, including mentoring, logistics, training, sales, post-sales, and finance.

Later in August, another 400 employees were let go, citing a performance evaluation in the mentorship and product expert division.

In September, the edtech major announced to lay off 4,000-5,000 employees in a “business restructuring exercise”.

In the same month, Byju’s said it would clear the full and final settlement dues of laid-off employees soon amid “difficult business restructuring”.

In a statement, the company said it “regrets and acknowledges the delays in settling dues of former employees”.

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