Byju’s has cleared over 97 per cent of its provident fund (PF) dues after the Employees Provident Fund Organisation (EPFO) probed the company over delays in PF payments, as per a report by Moneycontrol.
Byju’s is in the news for their ongoing financial crisis
Byju’s has cleared over 97 per cent of its provident fund (PF) dues after the Employees Provident Fund Organisation (EPFO) probed the company over delays in PF payments, as per a report by Moneycontrol.
Byju’s said that the company has deposited PF dues for the period between August 2022 and May 2023 worth Rs 123.1 crore, they clarified it email sent to the EPFO on June 27, as per reports. The company also stated that it will be remitting the balance Rs 3.43 crore within the next two days. This settles Byju’s payments until May.
“This is to confirm Byju’s has no pending PF dues. The complete amount visible on the PF portal has been paid. Please note that if there is any amount that's not reflecting on the portal, the same is because of technical or authentication issues. This should not be construed as the company's pending dues,” said Zulfiquar Memon, MZM Legal, legal representative of Byju’s.
Byju’s is in the news for their ongoing financial crisis. A few days back it was reported that the company has delayed PF payment for the majority of its employees starting October last year. As per reports, the data officially sourced through EPFO suggested that the majority of employees were also yet to get the PF payments for the month of April and May. However, the company deducted the PF from employees’ salaries every month. Byju’s has not settled the PF dues with EPFO.
Earlier this week, Raghunathan KE, EPFO Board member representing employers, said that the EPFO will make sure that all Byju’s employees get their provident fund (PF) dues (if pending), as per the Moneycontrol report.