After Massive Layoffs This Year, Byju’s Now Delays Dues of Laid-off Employees – Here’s What Byju Raveendran-led Edtech Startup Says

BJYU’S Layoffs 2023: Byju Raveendran-led BYJU’S has delayed clearing the full and final settlement for a batch of its laid-off employees. The edtech start-up has deferred the dues to November. Those employees who were laid-off in June were earlier slated to get their final settlement by September, a company spokesperson said.
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Byju Raveendran-led BYJU’S has delayed clearing the full and final settlement for a batch of its laid-off employees.

BJYU’S Layoffs 2023: Byju Raveendran-led BYJU’S has delayed clearing the full and final settlement for a batch of its laid-off employees. The edtech start-up has deferred the dues to November.
An employee alleged the company said that they would settle the final payments by September. However, they have delayed it by another two months.
Meanwhile, the company accepted the delay in clearing the payment of the laid-off employees in an official statement, as per TOI report.
“We regret and acknowledge the delays in settling dues of former employees. As we work through a difficult business restructuring, we are committed to meeting all our obligations as soon as possible,” the company said in the statement.
In June this year, the edtech company announced 500-1,000 job cuts to check costs — the firm’s second significant cost-cutting exercise since October last year. The workforce reduction affected employees across logistics, training, sales, and finance.
Those employees who were laid-off in June were earlier slated to get their final settlement by September, a company spokesperson said.
This comes at a time when the troubled firm has put its units Great Learning and Epic on the block with an aim to repay the $1.2 billion term loan it had raised in 2021. The company has said that it would repay the term loan within the next six months. The company has been engaged in negotiations with its lenders to rework the loan terms.
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