“Former Paytm Employees Express Emotional Struggles After Layoffs: Offered to Work for Reduced Pay”

In a recent development, Paytm, one of India’s leading digital payment platforms, is under scrutiny as laid-off employees speak out about their distressing experiences. The company’s decision to lay off a significant number of employees comes amidst challenges following the Reserve Bank of India’s (RBI) restrictions on several operations of Paytm Payments Bank.

According to reports from Times of India, employees at Paytm are facing a harrowing situation, with some being asked to “voluntarily resign” without prior notice. Others are being instructed to repay their joining and retention bonuses, adding to the emotional and financial strain on affected individuals.

One employee shared their emotional turmoil, stating, “I started crying at the meeting. I told them that I was willing to work even at a lower salary and designation.” This sentiment echoes the desperation and uncertainty felt by many employees who suddenly find themselves without a job.

The handling of these layoffs has also raised concerns about transparency and fairness within the company. Employees have reported that communications from the HR department regarding terminations are labeled as mere ‘connect’ or ‘discussion’ calls, lacking formal documentation or clarity.

Additionally, some employees have been asked to repay retention bonuses, which were initially presented as recoverable if they left the company before completing 18 months in their roles. This unexpected financial burden adds to the distress of those impacted by the layoffs.

In response to these allegations, Paytm has denied any wrongdoing, asserting that all terminations are communicated through official channels by the HR teams. The company also claims to be honoring full notice periods for affected employees and providing additional support such as outplacement services and processing of due bonuses.

Despite Paytm’s assurances, the situation underscores the challenges faced by employees in the face of organizational restructuring and economic uncertainties. The focus now shifts to how companies navigate layoffs with empathy and fairness, ensuring that employees are treated with dignity and provided necessary support during transitions.

Sources By Agencies

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