Once valued at a whopping $22 billion, Byju’s has hit the ground. Previously, the founder of Byju’s had put his own house on mortgage to pay his employees’ salaries. Now, the top brass at Byju’s has reduced the mandated notice period for employees. Previously 30 to 60 days, the mandatory notice period has been reduced to 15 days for employees at level 1, level 2 and level 3.
The company informed its employees about the development through email where it wrote, “To bring in consistency in our policies, across the organisation, we will be modifying this notice period to a uniform period for all levels. We believe that this revised policy aligns with our organisational goals and industry standards.”
In addition, the company has also stopped PF credits even after the salary deduction. Since August, the edtech company has not deposited the PF amount into the EPF accounts of employees. As per the data provided by EPFO, Byju’s has only deposited ₹63 crore in the accounts as compared to ₹200 crore in the previous year.
Byju’s has been facing financial and legal trouble for quite some time now and the company has reduced its workforce several times. The company was once valued at $22 billion and in the last 15 months has come down to a valuation of $3 billion. On top of that, the company is also fighting a $1.2 billion lawsuit over a loan with BCCI. The future of Byju’s remains in balance and only time will tell, whether Byju’s will survive this or not.
