Byju’s layoff: Company plans to cut 1,000 jobs; will give 2 months' salary as severance
By Team Newsable | First Published Jun 20, 2023, 9:14 AM ISTByju's will lay off 1,000 workers in a new round of departmental layoffs. The layoff will mostly impact senior people, who have spent over two years at the company.
The ed-tech behemoth Byju's has reportedly started laying off staff from several divisions in an effort to cut expenses amid allegations of a term loan problem at Byju's and growing enmity with lenders. A new wave of departmental layoffs at Byju's will result in the firing of 1,000 employees. Senior employees who have worked for the firm for more than two years will be the majority of those laid off. The most recent round brought the company's overall job losses to almost 3,500.
According to the report, the layoffs were announced to employees in a number of departments, including mentorship, logistics, training, sales, post-sales, and finance, via individual phone calls and in-person meetings held at the company's headquarters on June 16.
Latest Videos
"On Friday, June 16, employees were informed that it would be their last day of work. There was no prior correspondence. Employees frequently questioned HR and their bosses about layoffs after reading media headlines, but we were told there wouldn't be any," one person informed media.
Under the condition of anonymity, the individuals stated that after the discussions on the official HR portal, employees were encouraged to voluntarily resign. According to the reports, employees were also requested to produce their official identification cards and had their email accounts blocked. Some employees were told about the layoffs beginning on June 14 according to reports.
The corporation would reportedly pay laid-off workers two months' wages, per the sources. The Corporation shall make a full and final payment by September or October, which is about 45 days after the end of July. After that time, no more severance will be granted by the firm, the HR department told the workforce.
Also Read | Infosys ends work from home for some employees; Is it applicable in India?
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.