Byju's paying employee salaries for May from 'collections'
Embattled edtech company Byju’s was expected to release salaries for the month of May for its employees on Monday, after several delays earlier owing to a severe cash crunch and mounting legal battles.
IANS
Jun 3, 2024 12:06
0
New Delhi, June 3 (IANS) Embattled edtech company Byju’s was expected to release salaries for the month of May for its employees on Monday, after several delays earlier owing to a severe cash crunch and mounting legal battles.
Sources close to the development told IANS that the salaries for May have been processed for employees and “will be credited today”.
The salaries this time have been paid from the company's "collections", they added.
The ability to cover salary expenses from the monthly collections “underscores the positive impact” of recent measures Byju’s has taken to streamline payouts for its staff and improve its financial health.
When reached, the edtech company did not immediately comment.
Byju’s has been struggling for months to pay salaries on time to its thousands of employees and clear their pending dues.
It is yet to pay the remaining salary dues of February and March to thousands of its employees.
Now, it has devised a plan to pay salaries on time, for at least the next six months.
According to Jiny Thattil, chief technology officer, the outstanding clearances for February and March would be cleared between June 15 and June 30, with the worst-case date being July 8.
There will not be disruption to monthly salary credit for the next six months, he told staff.
In April, Byju's began to lay off hundreds of employees amid a business restructuring exercise.
--IANS
na/uk
