An Air Of Forced Resignations And Layoffs At Paytm

The layoff horror hasn’t come to an end within the startup ecosystem. Recently, Reserve Bank of India (RBI) had imposed strong restrictions on several business operations of Paytm Payments Bank, thereafter leading the payments bank to announce layoffs in the name of restructuring.
An unnamed employee of the company told the publication, “I started crying at the meeting. I told them that I was willing to work even at a lower salary and designation.”
According to a report by the Times of India, some employees are being pressured to "voluntarily resign" without prior notice, while others are being asked to reimburse the company for their joining and retention bonuses.
Ad this isn’t it! Few of the employees are being even asked to repay the repay their retention bonuses, which were indicated as "recoverable" in their offer letters if they left the company within 18 months of joining.
And as anyone would imagine, the payments bank has denied claims of forced actions or unfair treatment against employees.
“We strongly deny allegations pertaining to any forced action on employees or unfair treatment. We have rigorously ensured that our HR teams have informed employees about their termination through official channels only. Further, we would also emphasise that all transitions are duly undertaken as per norms laid out in the appointment letter of these employees," the company said.
"To help them adjust and plan their next move, we honour these employees' full notice periods while also extending additional support, such as outplacement and processing of due bonuses at the time of their full and final settlements. Our focus remains on building a leaner organisation that is well-positioned to deliver long-term sustainable growth and value to our stakeholders. We remain committed to supporting our employees during this transition." the company added.