Byju’s delays November salaries for section of employees

economictimes.indiatimes.com:

Byju's has delayed November salaries for a section of its employees, people aware of the matter told ET, adding this has impacted around 1,000 staffers at the financially beleaguered edtech firm.

The company has told the affected employees that it would deposit the pending salaries by Monday, said the people cited above. It has about 14,000 employees in India, excluding subsidiaries like Aakash Institute.

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Byju's salary cycle resets on the first of every month. The impacted employees are housed under Think & Learn, the parent firm of Byju's. This does not include its test prep subsidiary, Aakash Institute, the people said.

A spokesperson for Byju's confirmed the delay in salary disbursement, saying, “We have noticed a delay in processing salary for some limited employees (5%) due to an unexpected technical glitch. The issue is being rectified over the weekend and payment will be processed by Monday."

“We are in tension now because equated monthly installments (EMI) need to be paid off among other monthly expenditures… what if our salaries do not come by the fourth as well?” one of the affected employees said, adding the situation remains unpredictable.

On November 29, ET reported that top investors in Byju's have put certain conditions for infusing fresh capital into the company. These include presenting the audited FY23 results as well as easing of control from company founder and chief executive Byju Raveendran in the firm’s day-to-day operations.

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