The current crisis is the hardest time for businesses. It is testing their durability like never before. While companies are considering laying off employees to overcome their financial burden, Paytm has decided to ensure business continuity by asking employees to surrender their leave benefits.
As per the e-commerce payment firm, this move will enable the operations to run in a smooth manner, once the lockdown is lifted.
Paytm believes this step will help it keep its costs under check without adversely affecting employees’ morale.
As per the leave benefits, employees will have to surrender their accumulated privilege leaves (PLs) and casual leaves (CLs). However, the Company has denied PLs accumulated up to 35 days and accrued CLs.
In a statement, Rohit Thakur, chief human resources officer, Paytm, said, “Ensuring that our employees are safeguarded from the current global crisis is of utmost importance to us.”
According to the Company, this move will have a positive impact on its balance sheet and help ensure that growth continues.
“We believe that this is the right step to effectively accommodate the short-term impact and the long-term interests of our Company and all employees,” Thakur added.
Adding that this is a temporary measure, Paytm assured that employees will be able to collect PLs and CLs again in the future.
Currently, the Company is focused on supporting the citizens, as the country is witnessing an emerging era of digital economy, with people widely using digital payments, and set to continue using the same after the pandemic, maybe even more.