Saturday, July 13, 2024

‘Don’t Recover Bonus, Pay Notice Period Payment’: Labour Ministry To PayTm Over ‘Forced’ Employee Layoff

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Paytm also agreed to make the notice period payment to the said employee. (Representative Image)

Paytm also agreed to make the notice period payment to the said employee. (Representative Image)

The Regional Labour Commissioner (Central) in Bengaluru issued a notice to Paytm in response to the employee’s grievance about alleged termination practices at Paytm

The Ministry of Labour and Employment on Wednesday announced that it had successfully addressed a complaint related to a layoff filed by an employee of Paytm.

In a statement, the ministry said, “The representative of Paytm’s management appeared before the Regional Labour Commissioner in Bengaluru on Wednesday and agreed not to reclaim the joining bonus, and to provide the employee with the notice period payment.”

The resolution was found after the Regional Labour Commissioner (Central) in Bengaluru issued a notice to Paytm in response to the employee’s grievance about the alleged forced termination by Paytm.

Following this, a representative from Paytm’s management appeared before the Commissioner and agreed not to reclaim the joining bonus and to provide the notice period payment to the employee.

Subsequently, sources said the employee has accepted the exit offer made by Paytm, in the presence of the Regional Labour Commissioner (Central), Bengaluru resulting in the resolution of the grievance to the satisfaction of both parties.

“The representative of the management of Paytm appeared before the Commissioner today and agreed not to recover the joining bonus and to pay the notice period payment to the employee,” they said.

The status of certain other staffers is unclear as some other employees too had reportedly expressed their dissatisfaction with the manner, in which Paytm allegedly went about the forced termination.

Earlier this year, Paytm Payments Bank Limited (PPBL) came under regulatory glare as RBI ordered it to stop accepting new deposits in its accounts and its digital wallet from March on the grounds of “material supervisory concerns” and non-compliance with rules.

This led to massive restructuring including employee rationalisation.


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