Byju’s defaults in employee PF remittance: Report
It has been alleged that EPFO dues have been postponed from 36 days to six months since October of last year, when staff became aware of rumors of layoffs.
Byju’s defaults in employees PF remittance: Report
Byju’s, an online education platform, has been accused of failing to pay its employees’ provident fund (PF) contributions for months. It has been alleged that EPFO dues have been postponed from 36 days to six months since October of last year, when staff became aware of rumors of layoffs.
When employees expressed their concerns, Raghunathan KE, a member of the employees provident fund organization (EPFO) board representing the employers, stated that the PF dues will be settled.
The provident fund (PF) is a form of savings and social security fund in which a percentage of an employee’s pay is withdrawn and placed into their PF account.
Raghunathan stressed that the EPFO is dedicated to ensuring that employees’ hard-earned money is received. When an issue involving PF dues is brought to the EPFO’s attention, it is properly investigated. The EPFO also allows the company enough time to explain its side of the situation.
It was recently revealed that Byju’s has been postponing PF payments to the majority of its employees since October of the previous year. According to EPFO data, a considerable number of employees did not receive their PF payments for April and May, despite the fact that the company had been withholding the PF amount from their paychecks each month.
Delays in PF payments frequently indicate a company’s financial problems, as they reveal a breach of trust and may result in legal consequences. Employees rarely check their EPFO passbooks, allowing companies to conceal PF payment delays.
Byjus claims to have paid up all outstanding PF debts, but the EPFO is investigating to verify the assertion.
Other issues arose when Deloitte, the firm’s auditor, and non-promoter board members quit the company. Byju’s is also embroiled in a legal battle with its term loan Blenders, with both parties filing lawsuits in US courts.
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