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Amid Mass Firings At Paytm, Employee: Willing To Work At Lower Salary

Paytm is laying off employees after RBI halted several operations of Paytm Payments Bank. Some workers were asked to "voluntarily resign" without notice, while others must return bonuses.

By Rashaad Ather
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Mass Firings Underway At Paytm

Mass Firings Underway At Paytm

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Paytm is laying off employees following RBI's decision to stop several business operations of Paytm Payments Bank. 

Some employees are being asked to "voluntarily resign" without prior notice, while others are asked to return joining and retention bonuses. 

The calls with HR are being labelled as 'connect' or 'discussion' with no formal documentation.

Employees are feeling the impact of the organizational restructuring.

Employee Shares Ordeal:

A laid-off Paytm employee told HT:  “I started crying at the meeting. I told them that I was willing to work even at a lower salary and designation.” The employee said that executives from the HR department reached out to him over a call last month and said that his role would be eliminated as part of an organisational restructuring.

Some employees have also been told to pay back their retention bonuses which their offer letter showed will be "recoverable" by the company if they "leave the employment" before 18 months of taking up the role.

Paytm has refuted allegations of unfair treatment and forced actions on employees. 

They have assured that terminations are conducted through official channels and in compliance with appointment letter norms. 

Paytm is supporting affected employees by honouring full notice periods, providing outplacement assistance, and processing due bonuses. 

Their focus is on building a leaner, more efficient organization for long-term sustainable growth and value delivery to stakeholders.