Byju’s layoffs: the company plans to remove 1,000 workers and will provide severance pay equal to two months’ income.

In a new round of departmental layoffs, Byju’s will reduce its workforce by one thousand employees. The layoff will primarily affect senior employees, defined as those who have worked for the company for more than two years.

Byju's layoffs

It has been claimed that the ed-tech giant Byju’s has begun firing employees from several of its divisions in an effort to slash costs in the wake of reports that the company has a problem with its term loans and a developing animosity with its lenders. Byju’s is planning another round of departmental layoffs, which will result in the termination of one thousand employees. The majority of people who will be let go from the company are expected to be senior personnel who have been with the company for more than two years. The most recent round of layoffs raised the total number of jobs eliminated by the corporation to roughly 3,500.

According to the article, employees in a variety of departments, including as mentorship, logistics, training, sales, post-sales, and finance, were informed of the layoffs on June 16 via individual phone calls as well as in-person meetings conducted at the company’s headquarters.

The employees were advised that it would be their last day of work on Friday, June 16th. There was no earlier communication between the two parties. After reading headlines in the media, employees routinely questioned HR and their managers about the possibility of layoffs, but we were told there wouldn’t be any,” one worker said to the media.

Following the talks that took place on the official HR portal, the persons indicated, under the condition that they remain anonymous, that staff were encouraged to voluntarily leave from their positions. In addition, employees were reportedly asked to provide their official identification cards, and their email accounts were reportedly disabled as a result of these requests. According to the sources, some of the employees were informed about the layoffs commencing on the 14th of June.

According to the sources, the company would purportedly give workers who were laid off money equivalent to two months’ worth of work. About 45 days after the month of July comes to a close, the Corporation is obligated to make a full and final payment by the end of September or October. The human resources department informed the workers that following that day, the company would no longer provide any more severance pay under any circumstances.