Paytm lay off: News of large number of employees being laid off from Paytm, 3500 employees were also reduced in the March quarter

Paytm lays off undisclosed number of employees: Paytm brand owner Fintech firm One 97 Communications is firing a large number of its employees. This information has been given by the company itself by issuing a statement. However, the company has not disclosed how many employees it has decided to fire. The company has described the decision to fire employees as part of its restructuring plan. The company had indicated in March that it could reduce its workforce by about 15-20 percent. The news that came out at that time estimated that such a reduction in the workforce could lead to the layoff of 5 to 6 thousand employees. During the March quarter also, the company had reduced its workforce by about 3500.

Assistance in providing employment to employees elsewhere

According to the latest statement of One 97 Communications (OCL), its HR department is helping the employees who are being fired to get jobs in other companies. According to the statement, Paytm’s HR department has contacted about 30 such companies which are currently hiring. According to the statement, the employees who have resigned under the company’s restructuring plan and shared their information are being helped to get jobs elsewhere. However, the company has not disclosed how many employees’ jobs are being affected by this restructuring plan. The company has also claimed that it is also paying the outstanding bonuses of the employees, so that fairness and transparency is maintained in the entire process.

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36,521 employees were left in the March quarter

In the March quarter results of Paytm, it was told that in the last three months, the number of employees of the company has come down by about 3500 to 36,521. The company attributed this mainly to the effect of the ban imposed by the Reserve Bank of India (RBI) on the services of Paytm Payments Bank. From March 15, RBI had banned Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer account, wallet and FASTags. Paytm had shown a loss of Rs 550 crore during the January-March quarter. Whereas in the same period a year ago, the company’s loss was Rs 167.5 crore. One97 Communications has said in its statement that the company will cut its non-core business and the number of employees of the company will be reduced with the help of AI. The company will work in this way to maintain profitability.