'I cried and told them that I was willing to work even at a lower salary', says employee fired by Paytm

“I started crying at the meeting. I told them that I was willing to work even at a lower salary and designation," said an employee who was recently laid off by Sharma's Paytm.

Months after the Reserve Bank of India (RBI) imposed strong restrictions on several business operations of Paytm Payments Bank, Paytm has begun a series of layoffs affecting many employees.

According to a report by the Times of India, some employees are being pressured to "voluntarily resign" without prior notice, while others are being asked to reimburse the company for their joining and retention bonuses.

"I started crying at the meeting. I told them that I was willing to work even at a lower salary and designation," an unnamed employee told the publication.

The employee recounted how HR executives informed him last month that his role would be eliminated as part of an organizational restructuring.

Another affected employee highlighted the lack of formal documentation in the termination process, saying, “The calls with HR are being labelled as 'connect' or 'discussion.' There is no formal documentation of any kind.”

Additionally, some employees have been instructed to repay their retention bonuses, which were indicated as "recoverable" in their offer letters if they left the company within 18 months of joining.

Paytm denies allegations

However, Paytm has denied claims of forced actions or unfair treatment against employees.

“We strongly deny allegations pertaining to any forced action on employees or unfair treatment. We have rigorously ensured that our HR teams have informed employees about their termination through official channels only. Further, we would also emphasise that all transitions are duly undertaken as per norms laid out in the appointment letter of these employees," the company said.

"To help them adjust and plan their next move, we honour these employees' full notice periods while also extending additional support, such as outplacement and processing of due bonuses at the time of their full and final settlements. Our focus remains on building a leaner organisation that is well-positioned to deliver long-term sustainable growth and value to our stakeholders. We remain committed to supporting our employees during this transition." the company added.