In the tumultuous situation of the shutting down of Paytm Bank as well as the wallet services by RBI, Since February, almost all the activities of Paytm Payment Bank include bank deposits, banking services, fast tag services, and credit transactions. Due to the regulations imposed by the central bank, the price of Paytm shares hit rock bottom for several weeks.The plight of the employees An employee of Paytm opened up about his experience, saying, I started crying at the meeting. I informed them that I would be happy to work for less money and in a lesser position. Paytm fires employees without giving them any warning at all. The Paytm worker claimed that a month ago, he got a call from HR informing him that his position was being removed as part of the companys restructuring process.In this turmoil, employees were forced to voluntarily resign and are asked to return the retention bonus they got at the time of joining.Another employee stated, The calls with the HRs are being put under the label of discussion or connect. There is no kind of documentation whatsoever.Some employees are also told to return their retention bonuses, and the offer letter mentions that they will be recoverable by the company if they leave their respective jobs before the 18 months.Paytms take on the situationPayment has denied any of these allegations, and the company claims that the employees were informed about termination via official channels. The focus stays on providing long-term and sustainable growth to our valued stakeholders.Meanwhile, in a bid to rejuvenate the embattled firm, the Paytms founder and CEO, Vijay Shekhar Sharma is reaching out to former employees, such as Renu Satti, Kiran Vasireddy, and Nehul Malhotra, among others to rejoin the company, as per sources.
