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Paytm employees cry foul after being asked to quit

Economic TimesEconomic Times Ā· 5m
Paytm employees cry foul after being asked to quit

Paytm employees are reportedly being asked to voluntarily resign without notice following the RBI's decision to end Paytm Payments Bank and the wallet business. Many employees are being denied severance pay and are being asked to repay their joining and retention bonuses. Employees claim that they have not received formal communication about the job losses and have been warned against recording HR meetings. Some employees are refusing to resign and have formed a social media group to discuss next steps, including seeking legal advice and lodging complaints with the labor ministry. Paytm denies the allegations and claims to be supporting employees during the transition. Paytm reported a loss of Rs 550 crore in January-March 2024.

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