EdTech platform BYJU'S has paid full salary for April to employees in all functions. However, the sales department is an exception. This was stated in a report by PTI.
As the company is facing a liquidity crisis, as per sources, the EdTech firm managed to pay the full amount to employees today, May 3. This was after two months of partial payment.
BYJU'S is yet to pay the remaining part of the salaries for February and March. Salaries had earlier been delayed for both months, with only part of the payments being paid to employees later in the respective months.
As per the sources, the salaries were paid from revenue generated and debt raised by the founders earlier.
This comes after the EdTech firm rolled out a new policy linking sales employees’ salaries to the revenue they generate every week.
In line with an internal company document, the new company policy is currently applicable to sales teams, including the Inside Sales (IS) and BYJU'S Exam Prep (BEP) teams.
The new policy, which is applicable for four weeks till May 21, will ensure the disbursal of a percentage of the weekly revenue generated by sales staff, as per the document.
Last month, BYJU'S began to lay off hundreds of employees amid a cash crunch. The company said that they were in the final stages of a business restructuring exercise.