Paytm Layoffs Update: The employees have alleged the company of violating the rules and terminating them without any pay.
Crisis-hit Paytm is in the news again. Centre has reportedly summoned the management of One97 Communication, the parent company of Paytm, over the reports of ‘forced termination’ of staff. According to a news report by Moneycontrol, Regional Labour Commissioner of Bengaluru has issued summons to One97 Communication management.
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The notice by the government body, which falls under the Ministry of Labour and Employment, was issued after a series of complaints lodged by staff with the Ministry of Labour and Employment after reported job cuts. The employees have alleged the company of violating the rules and terminating them without any pay.
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The Moneycontrol report quoting the Paytm spokesperson said that the “transition of some employees” was “difficult’ ‘. The company also said that it would take all the “feedback”. According to the report, the terminated staff have alleged that they were forced to resign without any prior information or any compensation after a severance package.
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Meanwhile, a Reuters report said that Paytm’s key subsidiary Paytm Payment Services has got nod by the Centre for an oversees funding of Rs 50 crore from China. The report further added that the approval is still pending with the Nirmala Sitharaman’s finance ministry. If Paytm Payment Services get the final approval, it will be able to resume normal operations.
