Tuesday, June 27, 2023

Ex-staff of Byju claim underpaid PF; firm denies any dues

 NEW DELHI / BENGALURU: Ex-employees of the beleaguered edtech startup Byju's have taken to social media to complain that their provident fund (PF) dues have not been credited or have been delayed.

Despite numerous requests for updates, some claimed that they have not received any response from their HR department. In a LinkedIn post, Shivkumari Mishra, who previously worked as a product specialist at Byju's and is now employed by edtech company Anthology, stated that she has not received her PF since November 2022. According to the post, "I have been banging my head to all of the HR requesting that it be made quickly because now it is becoming a major issue, and all I get to hear is wait for 30 days."

Aravind Gummadi, another former employee, stated in a LinkedIn post that, despite being deducted from his salary, PF was not credited to the EPFO for five months while he was employed there. Gummadi stated that he worked at Byju's from November 2021 to April 2023, but despite numerous follow-ups, he did not receive an update from the HR department.

I have been waiting for five months, and up until this point, I have not received any information or updates regarding it. Mahipal Singh Jadon, a former employee of your company, wrote on Twitter, "I have been expecting a timely and hassle-free retrieval of my PF." Nilesh tweeted, "Another ex-employee." PF is the fundamental component that must be credited each month, but it has been denied.

When contacted by TOI, a spokesperson for Byju's stated in a statement that no employees' PF payments were pending. It reiterated that there are no fees. Byju Raveendran, the founder of the startup, acknowledged the company's previous mistakes during a meeting over the weekend, but reassured shareholders that "his learnings far outweigh any missteps."

The meeting took place amid difficulties with lenders, the resignation of Deloitte, the auditor, and a string of firings over the past few months, as well as the resignations of three nominees for investors.

In the midst of a flurry of negative news, the management of the company attributed delays to Deloitte and informed shareholders that processes are being improved. According to Raveendran, the business wants to improve its board, including by adding independent directors. Sources who were present at the shareholder conference call stated, "He clarified that although the board members had tendered their resignations, the company had not yet accepted them." The educational technology company intends to conclude the audit of its FY22 and FY23 results by the end of September and December, respectively. According to sources, Byju's group CFO Ajay Goel informed shareholders that the audit of the majority of its subsidiaries for FY22 has been completed.

Catch Daily Highlights In Your Email

* indicates required

Post Top Ad