According to media reports, Paytm employees who were recently laid off are being asked to return their retention bonus. Their offer letters stated that the retention bonus would be recovered by the company if they left the employment before 18 months of joining. The employees allege that many were asked to voluntarily resign and were not given any warning or notice.
Some employees have reportedly admitted that they wept and expressed their willingness to settle for a lower salary and even a lower profile in order to avoid being laid off. The employees are complaining about the lack of any formal documentation. Some were apparently called over the phone and simply told that their role would be eliminated as part of a restructuring exercise a month earlier.
However, Paytm claims that there has been no wrongful treatment and that protocols and channels have been followed while communicating with the impacted employees. The company has reportedly said that full notice periods are being honored and support is also being offered in terms of outplacement and clearance of dues and full and final settlements.
It is reported that Paytm has stated its intention to support its employees during this period of transition to a leaner and more agile organization with a focus on sustainability and growth.
