FinanceIN

Paytm Layoffs

April 2020

Paytm announced a layoff affecting 500 employees in April 2020. The company operates in the Finance sector.

People Affected

500

Announced Date

Apr 21, 2020

About

Indian digital payments giant Paytm is laying off approximately 500 to 700 employees, representing about 5% to 10% of its workforce, following its annual performance review cycle. The company cited that these employees were identified as underperformers based on its performance metrics. In light of the current economic climate, Paytm will retain these employees on its payroll for an additional two months to support their transition and ensure they receive all due payments. Concurrently, the fintech unicorn plans to hire over 500 new staff for roles in financial services, product, and technology, and has allocated ₹250 crore for employee stock option plans to reward high performers and new hires.