{"id":1282753,"date":"2024-06-24T06:58:01","date_gmt":"2024-06-24T01:28:01","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1282753"},"modified":"2024-06-24T06:58:21","modified_gmt":"2024-06-24T01:28:21","slug":"paytm-employees-file-complaint-with-govt-over-unlawful-firing","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/paytm-employees-file-complaint-with-govt-over-unlawful-firing\/","title":{"rendered":"Paytm Employees File Complaint With Govt Over Unlawful Firing"},"content":{"rendered":"\n

Amid ongoing layoffs at Paytm, several employees have approached the Ministry of Labour and Employment, alleging<\/a> “unlawful termination” without compensation. According to Moneycontrol, multiple Paytm employees have filed complaints on the ministry\u2019s Samadhan portal. These grievances, dated from June 1 to June 12, seek reinstatement of employment, citing unfair and unethical termination practices by Paytm management.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Complaints and Legal Routes<\/h3>\n\n\n\n

The online complaints include supporting documents such as emails and other papers. A complainant reportedly stated, “We are awaiting a response from the ministry and hope the case will be taken up by them. If not satisfactory, will take the court route.” Another laid-off employee mentioned a clause in the offer letter requiring disputes to be resolved via a third-party arbitration committee, preventing direct court action initially.<\/p>\n\n\n\n

Support from All India Professionals’ Congress<\/h3>\n\n\n\n

The All India Professionals\u2019 Congress (AIPC) has extended its support to the impacted employees of Paytm. In a post on X, the Congress wing sought details from employees allegedly “forced to resign without compensation.” AIPC stated, \u201cNews reports say Paytm has sacked professionals in violation of their contractual obligations. Are you an Ex-Paytm Professional? Were you forced to resign without compensation? All India Professionals\u2019 Congress will fight for your cause.\u201d<\/p>\n\n\n\n

Voluntary Resignations and Disciplinary Actions<\/h3>\n\n\n\n

This support comes after Inc42 reported that Paytm was forcing employees to resign voluntarily or face disciplinary action. Many aggrieved employees claimed that Paytm was looking to claw back the joining and retention bonuses of the employees. This strategy has reportedly increased the pressure on employees to comply with the company\u2019s demands.<\/p>\n\n\n\n

Paytm’s Financial Struggles<\/h3>\n\n\n\n

The development comes at a time when Paytm is grappling with multiple challenges. The Reserve Bank of India (RBI) announced curbs on Paytm Payments Bank in January, citing “material supervisory concerns.” The central bank barred the payments bank from undertaking any deposits or processing any UPI transactions. As a result, Paytm\u2019s revenue from operations declined 2.9% year-on-year (YoY) to INR 2,267.10 Cr in the March quarter (Q4) of the financial year 2023-24 (FY24), while net loss soared 3X YoY to INR 550.5 Cr during the same period.<\/p>\n\n\n\n

Cost-Cutting Measures and Leadership Changes<\/h3>\n\n\n\n

To rein in the losses, Paytm has been aggressively cutting costs and streamlining operations, resulting in mass layoffs. In a letter to shareholders on May 22, founder and CEO Vijay Shekhar Sharma said that cutting employee costs could save the company up to INR 400 Cr to INR 500 Cr annually. Meanwhile, top-level exits continue at Paytm, with Neeraj Arora resigning as the non-executive independent director and being replaced by former SEBI board member Rajeev Krishnamurilal Agarwal.<\/p>\n\n\n\n

Image Source<\/a><\/p>\n\n\n\n

<\/h3>\n","protected":false},"excerpt":{"rendered":"

Amid ongoing layoffs at Paytm, several employees have approached the Ministry of Labour and Employment, alleging “unlawful termination” without compensation. According to Moneycontrol, multiple Paytm employees have filed complaints on the ministry\u2019s Samadhan portal. These grievances, dated from June 1 to June 12, seek reinstatement of employment, citing unfair and unethical termination practices by Paytm […]<\/p>\n","protected":false},"author":42,"featured_media":1282764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[765,5531],"class_list":["post-1282753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-paytm","tag-paytm-firing"],"acf":[],"yoast_head":"\nPaytm Employees File Complaint With Govt Over Unlawful Firing - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/paytm-employees-file-complaint-with-govt-over-unlawful-firing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paytm Employees File Complaint With Govt Over Unlawful Firing - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"Amid ongoing layoffs at Paytm, several employees have approached the Ministry of Labour and Employment, alleging “unlawful termination” without compensation. 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