Byju’s Employees Struggle as CEO Addresses Unpaid Salaries & PF Issues

Several months have passed since many Byju’s employees haven’t received their salaries, causing them to face financial issues and stress. They are struggling to pay their bills and loan installments. On top of this, their Provident Fund (PF) contributions have also not been settled.

The CEO and co-founder, Byju Raveendran has admitted to the delay in salary payments. However, he has assured employees that their dues will be cleared, but not immediately. He has also vowed to end the crisis and return the company to its feet.Byju Raveendran, CEO and co-founder of Byju's, has assured the staff that any underpaid salary from the last three months will be reimbursed eventually. He would acknowledge "immediate" payments would not be made. On LinkedIn, Raveendran addressed concerns by denying claims of financial mismanagement, apologizing to staff and admitting to his absence.

Unpaid wages of the Byju’s Employees

Those workers have voiced their discontent and there have even been some who have questioned the role of the company's management and finances. He contributes that "passion doesn't pay the bills" as Raveendran's motivational speeches are in stark contrast to what people working for Metro tussle with in terms of monetary hardships. During the ongoing financial crisis, employees expressed their concerns about unpaid salary and Provident Fund (PF) dues. Many people are starting to think of filing a lawsuit for the money that they have not received. Workers have already filed more than 3,000 claims and are discussing street protests. The case is also part of a larger insolvency process Byju's is put through in India, where the company is also being sued by US lenders to recover $1 billion in unpaid debt. An employee from Hyderabad, Kaushik Lade reminded Raveendran of the hardships the staff had to go through and asked him if he was a leader. Lade emphasizes that they hear the 'passion', but the passion doesn't pay bills.

Staff members were assured by Raveendran that he was committed to solving the problem. "But due, bills will be, a comeback will be made." Not right away, but someday. I am not fighting for myself alone. Until then you must trust my words. He wrote that he has my word until then.

Byju’s Employees Claims against consultants and lenders

Raveendran also demanded that Glas Trust, EY, the former resolution specialist Pankaj Srivastava be investigated for alleged fraud and collaboration. He claimed that these people were responsible for the company’s demise. Before founding Byju’s in 2011, Byju Raveendran taught in a tiny Keralan village. The platform flourished during the COVID 19 pandemic and became the most valuable edtech company in India. However, aggressive sales practices, regulatory scrutiny and payment of salaries to investors later dropped investor confidence so much that better part of 2023 would be spent by them. The fact that Byju’s employees are extremely unhappy due to the company’s financial difficulties is because of the long term delay in salary payments. Even though the CEO has promised ultimate payment, employees have started looking into legal possibilities due to the continued uncertainty and the lack of a quick resolution.

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