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BYJU'S delays PF payments for most employees again: Report

Money Control

Money Control · 2y ago

BYJU'S delays PF payments for most employees again: Report

According to a report by Moneycontrol, BYJU'S has postponed PF payments for the majority of its employees in June, despite the EPFO's earlier notification about irregular PF contributions. In May, the company made PF contributions for 24,818 employees, but for June, it only made contributions for 738 employees. For the months of January to March, PF contributions were made for 10,000 to 13,000 staff.

Related News

All PF dues will be cleared, EPFO Board member assures Byju’s employees

Money Control

Money Control · 2y ago

All PF dues will be cleared, EPFO Board member assures Byju’s employees

A board member of the Employees' Provident Fund Organisation (EPFO) has reassured employees of BYJU'S, an edtech startup, that all their provident fund (PF) dues will be cleared. This comes as a response to concerns raised by BYJU'S employees regarding their PF contributions. The EPFO board member provided assurance that the outstanding PF amounts would be resolved, providing relief to the affected employees.

‘All PF dues have been cleared’: Edtech giant BYJU’S issues clarification on delayed payments

Business Today

Business Today · 2y ago

‘All PF dues have been cleared’: Edtech giant BYJU’S issues clarification on delayed payments

Beleaguered start-up BYJU’S has refuted claims of a delay in provident fund (PF) payments of its employees. A company spokesperson clarified: “There are no pending PF dues. We would like to reconfirm that all PF dues have been cleared till June 2023 for our employees. There have been a few authentication issues which are currently being worked on 1:1 with the employees and the PF department.”

BYJU’S financial crisis: Employee PF credit stopped again even after deduction from salaries

Inc42 · 1y ago

BYJU’S financial crisis: Employee PF credit stopped again even after deduction from salaries

Edtech giant BYJU'S has reportedly not deposited the provident fund (PF) in the EPFO accounts of its employees since August, despite deducting the amount from their salaries. This comes at a time when BYJU'S is facing financial difficulties, with its founder pledging his houses to borrow $12 million to pay salaries. The company has also been accused of being late in crediting the PF amount to the EPFO portal in the past. BYJU'S has been laying off employees in an effort to cut costs, adding to employee dissatisfaction.

Byju's regrets 'delays' in settling dues of laid-off employees

Economic Times

Economic Times · 2y ago

Byju's regrets 'delays' in settling dues of laid-off employees

Byju's, the edtech giant, has announced its commitment to clearing the full and final settlement dues of laid-off employees. The company expressed regret over the delays in settling dues and attributed them to a "difficult business restructuring." Byju's had laid off around 1,000 employees in June 2023. The new timeline provided to sacked employees suggests that outstanding payments will be made by November 17, 2023, instead of the earlier deadline of September 15. Byju's is also exploring the sale of subsidiaries like Epic and Great Learning to raise funds to repay its outstanding Term Loan B.

Byju’s misses deadline to pay final settlements of laid off employees again

Money Control

Money Control · 1y ago

Byju’s misses deadline to pay final settlements of laid off employees again

Edtech company Byju's has once again delayed the full and final settlements of laid-off employees, missing the November 17 deadline. Amid a liquidity crunch and pending lender repayments, the company has been grappling with financial difficulties. Out of the 48 former employees surveyed, 40 have reported not receiving their settlements as promised, while some who did receive the payment did not receive variable pay or incentives. Byju's claimed to be making payments in a phased manner on a weekly basis, but some employees are still awaiting their settlements from June and July.

BYJU’S Closes $200 Mn Rights Issue, But Employee Salaries Delayed Again

Inc42 · 1y ago

BYJU’S Closes $200 Mn Rights Issue, But Employee Salaries Delayed Again

BYJU's, the edtech major, has closed its $200 million rights issue but is facing further delays in salary payments to its employees. In an email to staff, CEO Byju Raveendran blamed a small number of investors who had locked the funds raised in a separate account, preventing the company from making the payments. The Bengaluru bench of the National Company Law Tribunal had ordered BYJU's to keep the proceeds from the rights issue in a separate escrow account. Raveendran said the company was aiming to ensure salaries were credited by 10 March.

Now, BYJU’S employees asked to vacate Gurugram office space

Inc42 · 1y ago

Now, BYJU’S employees asked to vacate Gurugram office space

BYJU'S employees at a co-working space in Gurugram were instructed to evacuate due to non-payment of rent. The edtech giant claims that all payments were made on time and is currently reconsidering its use of the co-working space. BYJU'S has been facing financial challenges, leading to layoffs and office closures in Bengaluru. Additionally, the company has recently received show cause notices from the Enforcement Directorate over FEMA violations. BYJU'S has also experienced delays in releasing its financial statements and has faced the departure of its auditor and board members.

SpiceJet under fire for delaying June salaries after defaulting on provident fund payments: Report | Mint

Livemint

Livemint · 1y ago

SpiceJet under fire for delaying June salaries after defaulting on provident fund payments: Report | Mint

Indian airline SpiceJet has reportedly delayed the disbursement of June salaries for its employees due to financial difficulties. The airline has also failed to meet its provident fund (PF) commitments and has not responded to notices and summons from the Employees' Provident Fund Organisation (EPFO). SpiceJet has clarified that salaries are being disbursed in a phased manner, with 95% of employees having received their June salaries. However, several employees have reported that salaries and provident fund payments have not been credited on time.

Another trouble for Byju's, this time facing scrutiny over alleged delay in TDS deposits: Report

IndianStartupNews

IndianStartupNews · 1y ago

Another trouble for Byju's, this time facing scrutiny over alleged delay in TDS deposits: Report

Edtech giant Byju's is facing scrutiny for allegedly delaying Tax Deducted at Source (TDS) deposits and failing to file income tax returns for certain employees. Employees claim that their TDS deductions are not reflected in their Form 26AS, starting from April 2023. Failure to deposit TDS can lead to significant penalties under Indian tax law, including interest and daily penalties. Byju's has stated that most TDS payments are complete and they are addressing isolated cases. The company is also involved in a legal dispute with the BCCI and is facing an insolvency petition.

Byju's holds call with over 100 investor representatives on audited results, Term Loan B

Money Control

Money Control · 2y ago

Byju's holds call with over 100 investor representatives on audited results, Term Loan B

Byju's move to update investors comes at a time when India's most valued edtech company has been battling multiple fires, from a missed deadline to rework loan terms, to delays in filing its audited numbers, and a protracted fundraising process.

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