Byju's indicates financial issues as the majority of its employees' PF contributions for FY24 have not been deposited. Know what an employee can do if EPFO contribution is delayed or not made.
Byju's, the ed-tech unicorn, has been accused by a number of former employees of not depositing the provident fund (PF) portion of their pay into the Employees Provident Fund (EPF) account, as per the reports.
The EPFO portal data also shows that the corporation hasn't been in compliance with the monthly deposits, despite the fact that four former employees have uploaded images of their EPF account passbooks and salary stubs.
The parent firm of Byju's, Think and Learn Pvt Ltd, has not paid the PF money for the majority of its employees in FY24, according to EPFO data. Only 31 employees' accounts received the payment for May's PF contribution, compared to 3,164 employees who received it for April after a 36-day wait, according to several reports.
On June 19, the business made the PF contributions for the months of December 2022, January 2023, February, and March. The records demonstrate that not all employee accounts received this money, nevertheless.
The data also indicate that Byju's has not been consistent in making PF payments for some time. There are instances where employees were only paid the PF money owed for 2020 in June 2023, for example.
What is going on at Byju’s?
Byju's filed a lawsuit on June 6 against the holders of its term loan B, accusing them of adopting predatory tactics. In addition, the company has $40 million in interest payments. Byju's said that it will stop making payments going forward since the validity of the term loan B was under question.
Three directors, Russell Dreisenstock of Prosus, Vivian Wu of Chan Zuckerberg, and GV Ravishankar of Peak XV Partners (previously Sequoia Capital India), had reportedly resigned from the board of the most valuable ed-tech startup in the world.
The board members' resignations news came soon after global auditing powerhouse Deloitte informed the startup's board that it was leaving its position, a claim that Byju's angrily refuted on Thursday. The ed-tech giant failed to provide financial statements for the year ended March 2022, according to Deloitte, which was contracted to work with Byju's until 2025.
What options do workers have if the EPFO contribution is late?
You can submit a complaint with the EPFO against an employer if payments are delayed by that employer in any way.
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 "Byju Raveendran (File Photo)")
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