Paytm job cuts: Employees allege forced resignations, no severance pay, informal processes & more, says report

livemint.com:

Union Budget 2024 likely on July 22, Economic Survey on July 3, says report"I started crying at the meeting. I told them that I was willing to work even at a lower salary and designation," a Paytm employee told the paper, adding that HR execs contacted him late in May and informed him that his role would be terminated due to organisational restructuring.

He further claimed that they asked him to resign by early June.Livemint could not independently verify the report.Also Read | Eid Bank Holidays 2024: Is there a long weekend ahead for banks? Check details for extended off hereAnother employee alleged that this is being done informally. They said Paytm did not formally communicate the restructuring or job loss and warned employees against recording HR meetings.

"The calls with HR are labelled as 'connect' or 'discussion'. There is no formal documentation of any kind," the employee alleged.Some employees also told TOI that the company is demanding their joining and retention bonuses be returned, but this was not mentioned in their offer letters.

The company has cited the offer letter or appointment letter (after joining) as the basis for asking for the return payment, but employees claim they never received or signed these appointment letters.Notably, the paper found the clause in an offer letter it accessed, stating that these bonuses are "recoverable if employees leave before 18 months or are terminated for any cause."Also Read | Elon Musk thanks investors for backing $56 billion Tesla pay package, Texas governor welcomes him to ‘no tax state’The report also said a former employee claimed he did not receive an experience letter when he was terminated after refusing to resign. It added that while many employees resigned