Paytm, owned by One97 Communications, is undergoing a significant restructuring that includes laying off an undisclosed number of employees. The company has already lost 3,500 employees up to March 2024 and is now pushing more employees to other companies as part of an outplacement effort. This move comes after the Reserve Bank of India banned Paytm Payments Bank from certain operations on March 15. Employees have reported being asked to resign without prior notice and denied severance pay, although Paytm claims to provide full notice periods, bonuses, and priority for open roles. The restructuring process, announced by Vijay Shekhar Sharma on June 10, is expected to conclude within a month. Employees voiced concerns on June 14.
Paytm has asked a significant portion of its employees to voluntarily tender their resignations and leave, aiming to conclude the process within a month, according to company insiders. @AjinkyaJK reports. #paytm #layoffs2024 https://t.co/ns3sALey3i https://t.co/IjxfyMzpht
Amid restructuring, Paytm supports employees with full notice periods, bonuses, and priority for open roles. https://t.co/qqNqjyvKn9
‼️ | Paytm employees cry foul after being asked to quit Employees are asked to resign without any prior notice, many have reported being denied of severance pay. #layoff #Paytm Read more : https://t.co/SBnN63p3Rv
#Paytm #employees cry foul after being asked to #quit https://t.co/hXLeRRugqh
#Paytm #laysoff undisclosed number of employees, says it is providing outplacement support Read more🔗https://t.co/SkSR1LR1mn https://t.co/O96CjnYXla
❗Even More Jobs Gone At Paytm Having already lost 3.5k to March 2024, the company are pushing employees to other companies as "outplacement" in an effort to stabilise according to industry watchers. From March 15 the outfit's banking arm was banned by the Reserve Bank of India… https://t.co/qI1YgaT8xV
Fintech firm One97 Communications, owner of Paytm brand, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition. #paytm #layoffs #jobs https://t.co/JrVg0F8XBz https://t.co/vgkBUnC1iH
#Paytm is laying off an undisclosed number of employees as part of its restructuring plan announced by #VijayShekharSharma Read to know more👇 https://t.co/SVsB1UR4Ht #Layoffs #PaytmPaymentsBank #RBI