Paytm is laying off score of employees after the company has been facing a crisis following RBI’s decision to bar several business operations of Paytm Payments Bank. Some employees are being asked to “voluntarily resign” without being given any prior notice while others are being asked to pay back their joining and retention bonuses to the company, they said as per a Times of India report.
A Paytm employee who has been laid off told the outlet, “I started crying at the meeting. I told them that I was willing to work even at a lower salary and designation.” The employee said that executives from the HR department reached out to him over a call last month and said that his role would be eliminated as part of an organisational restructuring.
Another employee said, “The calls with HRs are being labelled as ‘connect’ or ‘discussion’. There is no formal documentation of any kind.”
Some employees have also been told to pay back their retention bonuses which their offer letter showed will be “recoverable” by the company if they “leave the employment” before 18 months of taking up the role.
Paytm refuted the allegations and said as per the report, “We strongly deny allegations pertaining to any forced action on employees or unfair treatment. We have rigorously ensured that our HR teams have informed employees about their termination through official channels only. Further, we would also emphasise that all transitions are duly undertaken as per norms laid out in the appointment letter of these employees. To help them adjust and plan their next move, we are honouring full notice periods of these employees while also extending additional support such as outplacement, and processing of due bonuses at the time of their full and final settlements. Our focus remains on building a leaner organisation that is well-positioned to deliver long-term sustainable growth and value to our stakeholders. We remain committed to supporting our employees during this transition.”
