Business

Byju’s Has Not Paid PF Money to Its Employees, Indicates EPFO Data

Amidst ongoing tensions between Byju’s with its lenders, and auditors tendering resignation, it has now surfaced that the edtech unicorn has not deposited the provident fund (PF) money for several of its employees. A number of employees from the company have accused the edtech startup, among which four of them have shared screenshots of their PF account passbook and salary slips. Data from the EPFO portal also show that the business hasn’t made the required monthly deposits.

According to the EPFO Data, Byju’s parent company, Think and Learn Pvt Ltd, did not pay most of its employees’ PF contributions in FY24. Only 31 employees’ accounts received the payment for the May PF contribution, as opposed to 3,164 employees who did so after a 36-day delay for the payment for the April PF contribution.

The months of December 2022, January 2023, February, and March saw PF contributions from Byju’s. But the data show that not all employee accounts got this payment. The data also show that Byju’s PF payments have not been regular for a while. Employees have occasionally only received the PF money due for 2020 in June 2023, for example.

According to EPFO regulations, a company must deposit the PF funds for a given month by the 15th of the following month. Any delay could result in penalties ranging from 5 to 100% of the total. This delay, according to HR and compliance experts, maybe a sign of financial difficulties at India’s most valuable startup.

Byju’s has been consistently engaging the headlines recently due to allegations of debt default, recent ED raids, reported flaws in financial matters, and an impending investigation by the Ministry of Corporate Affairs (MCA).

Also Read: Drone Manufacturer Raises Rs 255 Crore Ahead Of Its IPO

Malika Sahni

Recent Posts

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

10 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

11 hours ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

11 hours ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

12 hours ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

12 hours ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

13 hours ago