BYJU says employees not being forced to quit, part of 5% workforce reduction

Bengaluru, October 29: Amid reports of forced layoffs, British technology major BYJU said on Saturday it is not forcing or threatening to resign from its employees in Karnataka or elsewhere, all as part of a 5 percent cut in 50 -thousand workforce. as previously announced.

Earlier this month, BYJU announced a 5 percent cut in its 50,000-strong workforce (about 2,500 people), which will be “phased rationalized across product, content, media and technology” in a bid to consolidate its India business. Byju allegedly owes BCCI dues, Paytm wants to sublicense ownership rights: Report.

The Karnataka IT/ITeS Employees Union (KITU) said that BYJU, after Thiruvananthapuram in Kerala, is now forcing employees to quit at its headquarters in Bangalore. BYJU’s revenue was around Rs 10,000 crore in FY22, beating estimates.

“It is absolutely false that BYJU’s is forcing its employees to quit. BYJU’s is a responsible organization and adheres to all laws of the country. BYJU’S employs nearly 50,000 people across India. About 5 percent, or 2,500, of these positions are being rationalized as part of the current strategic plan for profitable and sustainable growth,” the edtech unicorn told IANS.

The company also said that each employee who will be affected by the restructuring is being informed individually.

“BYJU’S provides all of them with a progressive exit package, including family health insurance benefits, re-employment services, prompt full and final settlement on demand and the provision of ‘garden leave’ where they can look for work while working. BYJU salary,” said a company official.

The edtech unicorn had earlier decided to stop operations at its Technopark campus in Thiruvananthapuram, following which the employees approached the state labor department.

About 140 employees out of 170 employees of Technopark were asked to resign. BYJY’s has nearly 3000 employees in Kerala. The company said it will continue to strengthen its presence in the state.

“All these employees will also be offered a guaranteed pathway back to BYJU if they are unable to find employment in the next 12 months,” the statement added. The company said that as part of its ongoing organizational restructuring for profitable growth, “BYJU’S is making every effort to offer appropriate relocation opportunities to affected employees.”

“In this regard, while we are shutting down a portion of our operations in Thiruvananthapuram to reduce redundancies, we are also offering the entire Technopark team the opportunity to relocate to Bengaluru,” it added.

BYJU’S also said it will add three more offices in the state in the current financial year, taking the total to 14, besides increasing its headcount in Kerala from 3,000 to nearly 3,600.

(The above story first appeared on LatestLY on 29 Oct 2022 at 19:06 IST. For more news and updates on politics, world, sports, entertainment and lifestyle, visit our website Latestly.com).