IANS | 03 May, 2024
Embattled edtech platform Byju's has paid full salary for April to
employees in all functions, except sales staff, even as the company is
facing a liquidity crisis.
According to sources, the edtech firm managed to pay the full amount to employees on Friday after two months of partial payment.
Byju's has yet to pay the remaining part of the salaries for February and March.
Salaries
had earlier been delayed for both months, with only part of the
payments being paid to employees later in the respective months.
As per the sources, the salaries were paid from revenue generated and debt raised by the founders earlier.
This
comes after the edtech firm rolled out a new policy linking sales
employees' salaries to the revenue they generate every week.
According
to an internal company document, the new company policy is currently
applicable to sales teams, including the Inside Sales (IS) and Byju’s
Exam Prep (BEP) teams.
The new policy, which is applicable for a
period of four weeks till May 21, will ensure the disbursal of a
percentage of the weekly revenue generated by sales staff, as per the
document.
Last month, Byju's began to lay off hundreds of
employees amid a cash crunch. The company had said that they were in the
final stages of a business restructuring exercise.
