Byju’s is yet to pay the remaining part of the salaries for February and March.
New Delhi:
Embattled edtech platform Byju’s has paid full salary for April to employees in all functions, except sales staff, even as the company faces a liquidity crisis.
According to IANS sources, the Edtech firm paid the full amount to employees on Friday after two months of partial payment.
Byju’s is yet to pay the remaining part of the salaries for February and March.
Salaries had earlier been delayed for both months, with only part of the payments being paid to employees later in the respective months.
As per the sources, the salaries were paid from revenue generated and debt raised by the founders earlier.
This comes after the Edtech firm rolled out a new policy linking sales employees’ salaries to the revenue they generate every week.
According to an internal company document, the new company policy is currently applicable to sales teams, including the Inside Sales (IS) and Byju’s Exam Prep (BEP) teams.
The new policy, which is applicable for four weeks till May 21, will ensure the disbursal of a percentage of the weekly revenue generated by sales staff, as per the document.
Last month, Byju’s began to lay off hundreds of employees amid a cash crunch. The company had said that they were in the final stages of a business restructuring exercise.
(Except for the headline, this story has not been edited by The Hindkesharistaff and is published from a syndicated feed.)