Employees Salary Payment: According to media reports, Byju’s company has written in the email sent to the employees that we are happy to inform you that the salary distribution has started today and will be completed in the next 10 days.
Byjus Employees March Salary payment: There is a relief news for the employees of edtech company Byjus. The latest update has come regarding the salary for March. According to sources, the education technology firm Think and Learn, owner of Byju brand, has started paying the salary for March to the employees after a delay of 9 days. The payment process is expected to be completed in the next 10 days. Byju’s has informed its employees through email.
Salary has started, payment will be done within 10 days
According to media reports, Byju’s company has written in the email sent to the employees that we are happy to inform you that the salary distribution has started today and will be completed in the next 10 days. Despite our efforts, due to the actions of four foreign investors we are yet to access the funds raised from the rights issue.
Despite this, we have made alternative borrowing arrangements to ensure timely payment. If sources are to be believed, 25 percent of the employees in the lower pay scale will get full payment, while senior employees will get partial payment. In a letter sent to the employees, the company has held a group of four investors responsible for this delay.
Last week, assurance was given to pay salaries for March by 8th April.
Last week, Byju’s had sent an e-mail to its employees assuring them that they would receive their salaries for March by April 8. An email read that some foreign investors had obtained an interim order in late February, which restricted the use of funds raised through successful rights issues. This irresponsible action by four foreign investors has forced us to temporarily stop the distribution of salaries until the restrictions are lifted. Byju has also assured the employees that it is working to distribute the salaries to the employees till April 8.
There was a delay in the salary for January and February also.
This will be the second time when employees’ salaries have been delayed. Earlier in January and February also, the salaries of the employees were delayed, due to which the employees expressed their displeasure. More than 15 thousand employees currently work in Byju’s. This time also all the employees were hopeful that they would get their salary on Monday, but it did not happen.
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