Paytm has been asking its employees to resign voluntarily. The employees are not given any severance pay and are asked to resign without any prior notice.
Due to pressure from the management, several employees have reportedly resigned from the fintech company.
Paytm has been asking its employees to resign voluntarily. The employees are not given any severance pay and are asked to resign without any prior notice.
To add to it, several employees have been asked to repay their retention and joining bonuses to the company. This is as per a report by the Times of India. It should be noted that the company can recover the joining and retention bonus only if the employee leaves the company within eighteen months of joining.
Towards the end of March 2024, the HR team of the company tried to persuade several employees to resign voluntarily or face disciplinary action, as per a report by Inc. 42. Due to pressure from the management, several employees have reportedly resigned from the fintech company.
Without any official documentation handed over, the employees of Paytm were reportedly asked to resign by the HR team via WhatsApp call or Google Meet. Speaking to the Times of India, an employee said, “The calls with HRs are being labeled as 'connect' or 'discussion’. There is no formal documentation of any kind.”
On the other hand, all these allegations have been denied by the fintech firm. Speaking to Inc42, a Paytm spokesperson said, “We strongly deny allegations pertaining to any forced action on employees. Reports on bonuses not being paid to outgoing employees are grossly incorrect and misleading. As part of our strategic decision outlined in FY24 earnings, we have focused on pruning our non-core business areas, which has led to the parting of some employees based on business priorities.”
The company further added, “As part of our strategic decision outlined in FY24 earnings, we have focused on pruning our non-core business areas, which has led to the parting of some employees based on business priorities. As an organisation, we have rigorously ensured fairness and transparency during the process, including providing full notice periods, due bonuses to several employees, and outplacement support.”