For employees of Byju’s company, there’s relieving news regarding their salaries for the month of March. Employees will receive their March salaries by April 8. The management of Byju’s has provided this information to employees via email and assured them that they are working towards disbursing salaries by April 8.
This marks the second instance of delays in employee salaries
Previously, there were delays in salary payments in January and February, leading to discontent among employees. Currently, more than 15,000 employees work at Byju’s. All employees were hopeful of receiving their salaries on Monday, but that did not happen.
In an email in February, Byju Raveendran, the CEO of Byju’s, mentioned struggling for months to make salary payments and expressed a larger struggle to ensure timely payment this time. The company has disbursed a portion of February’s salary to employees and stated that the remaining amount will be paid once the Rights Issue Fund becomes available.
Assurance of Salary Payment by April 8
Struggling with cash crunch, Byju’s company sent an email to its employees on April 1, stating that some foreign investors have received an interim order at the end of February, restraining the use of funds raised through successful Rights Issue. The irresponsible actions of these four foreign investors have compelled us to temporarily halt salary distribution. Byju’s has also reassured employees that they are working towards salary distribution by April 8.