BYJU'S to pay incentives and variable pay to stop probable protests: Report
In an emergency town hall meeting, the startup committed to no further layoffs at BYJU'S Tuition Centres.
Edtech startupon Saturday agreed to remit variable pay and other incentives to over 5,000 BYJU'S Tuition Centre (BTC) employees, according to a report by Moneycontrol.
In an emergency town hall meeting, the startup committed to no further lay offs of any employee from the BTCs.
According to Moneycontrol, Mrinal Mohit, the defacto head of BYJU'S India business, addressed the discussions with BTC employees, who were planning to hold protests across India on July 25 over a host of concerns including non-payment of production-linked pay and critical incentives among other things, the people said. Mohit has agreed that the company would start paying incentives from next month onwards, while he said that variable pay would be remitted next quarter.
“This townhall wasn’t planned, it happened to stop the protests on July 25,” said Zia Ur Rehman, Area Business Head at a BYJU'S Tuition Centre, who was terminated on July 21 with immediate effect. Rehman, who was the main organiser of the probable protests on July 25, has been given no clarity over the reason for his termination, according to the report.
Earlier this week, the corporate affairs ministry ordered an inspection of the books of BYJU'S amid the edtech major facing multiple headwinds, including delay in submitting financial statements and concerns over corporate governance issues.
The ministry decided to carry out the inspection after taking note of the developments, including that the company has been unable to finalise its financial statements and that its auditor has resigned, the official told PTI.