Friday, July 19, 2024
Outlook India
Outlook Business

BYJU’S Delays payment For Full And Final Dues Of Fired employees

Byju's has reportedly sent an email to the employees fired in June saying that the full and final payment due on September 15 will be given in November.

BYJU’S Delays payment For Full And Final Dues Of Fired employees
Byju Raveendran, chief executive officer, Byjus
POSTED ON September 18, 2023 7:44 PM

Beleaguered ed-tech Byjus is rumored to have moved the complete and final payment period for its laid-off employees from September to November, as per the media reports.

The company fired around 1000 employees in the month of June this year from its different departments including mentoring, logistics, training, sales, post-sales, and finance citing that the move is aimed at profitability.

Bengluru-based edtech had promised the fired employees of payment to be done by September 15. But the promised day has passed and the employees are still empty-handed. According to a news published in Moneycontrol, the company has written an email to these employees in which it has been said that there will be some more delay in making the final payment.

The company said in the mail to make the outstanding payment by 17th November. "you are hereby notified that the full and final settlement amount will be paid by 17th November 2023," as per the news website.

Talking to another news website the spokesperson of Byjus regrated the delays and said that the edtech is committed to paying its obligations. He said, "The organisation is devoted to fulfilling its responsibilities as quickly as feasible even if we are going through a difficult corporate restructuring."

A few days back beleaguered edtech had announced its commitment to repay the entire amount to its lenders within six months. Byjus said that it would make an initial payment of $300 million within three months and would return the whole amount within six months. The company has to repay around $1.2 billion term loan B it has taken from American investors. 

As part of its effort, the company has decided to undertake a strategic review. It will put its American subsidiaries- Greatlearning and Epic on sale. As per the report, the company's efforts to mobilise funds are on the right track. Several reports have claimed that the talks are underway with new and existing investors.

  • Related Articles

    The edtech had procured Epic! Creations Inc. and Great Learning Education Pte. in a deal valued at approximately $800 million in 2021

    Byju's Puts Epic!, Great Learning On The Block To Settle $1.2 Billion Loan Debts

    Cherian Thomas was the first international employee at BYJU'S back in 2017 and was credited with building the international organisation

    Byju's Senior Executive Exits, To Lead US-Based Impending Inc

    In May 2023, the edtech borrowed Rs 2,000 crore (around $250 million) from the American investor against the cash flows of Aakash Education Services Ltd

    Byju’s To Negotiate Loan Settlement Deal With Davidson Kempner