Byju’s New Update: The situation in the country’s most valuable edutech platform Byju’s is yet to return to normal. It can be gauged from the fact that it has not given PF money to most of the employees. This situation is when last month the Employees’ Provident Fund Organization (EPFO) took it on its radar due to irregularities in PF contribution.
Byju’s News: The situation in the country’s most valuable edutech platform Byju’s is yet to return to normal. It can be gauged from the fact that it has not given PF money to most of the employees. This situation comes after the Employees’ Provident Fund Organization (EPFO) last month took it on its radar due to irregularities in PF contributions. The company has so far contributed PF of only 738 employees for the month of June, while PF of 25,000 employees was deposited in the previous month. Moneycontrol has got information about this by quoting sources. Queries sent to Byju’s and EPFO in this matter remained unanswered.
It was said to submit till July 15
It was revealed last month that Byju’s has not deposited its share in the PF accounts of almost all its employees since October last year. Although the company had deducted the PF money from the salary of the employees. In this case, when EPFO started investigation, Byju’s started making PF contribution. Byju’s released the PF money of 24,818 employees on June 26.
Earlier, Byju’s did not pay PF contribution for April and May. And for January, February and March, the company made PF contribution only for 10,000-13,000 employees. Then Byju’s told EPFO via mail on June 27 that the entire PF till May has been deposited and the account of June will be completed by July 15. However, it is now coming out that this has not happened.
Situation not getting normal in Byju’s
Delay in PF payments can be an indication of cash flow pressure in the company. To save money, the company has also done retrenchment and is now vacating the office as well. A day before this information came to light that it has vacated its biggest office. Officially, it has fired more than 2 thousand employees from the company. According to EPFO data, in September 2022, there were about 60 thousand employees on its payroll.
