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Byju's revokes shutdown move in Kerala capital after edtech founder meets CM Pinarayi Vijayan
On October 25, at least 170 Byju's employees had approached the Kerala labour commissioner K Vasuki claiming that a verbal request for a forced resignation by the company.
Edtech platform Byju's on Wednesday revoked its decision to shut its operations in Thiruvananthapuram. This comes after the company's founder and chief executive Byju Raveendran met Kerala chief minister Pinarayi Vijayan in wake of the layoffs of 170 employees based in the southern state
On October 25, at least 170 Byju's employees had approached the Kerala labour commissioner K Vasuki claiming that a verbal request for a forced resignation by the company. However, several media reports stated that the company had offered the laid off employees to relocate to Kochi or Bengaluru.
On October 31, Byju Raveendran had written an emotional mail to the 2,500 employees he is planning to layoff as a part of measures to ensure sustainability and capital-efficient growth due to adverse macroeconomic factors.
While saying there is a huge price to pay for walking on the path to profitability, Raveendran said he is truly sorry to those who will have to leave the company, adding that sackings break his heart too.
The company's founder also sought forgiveness if the process is not smooth for the employees, PTI reported.
"I seek your forgiveness if this process is not as smooth as we had intended it to be. While we want to finish this process smoothly and efficiently, we don't want to rush through it," he added.
While maintaining that the layoff is an exercise to ‘avoid role duplication across business’, Raveendran said some business decisions have to be taken to protect the health of the larger organisation. However, he told the sacked employees that the decision did not reflect their performances and assured them support in their transition.
For the employees being sacked, the exit package includes extended medical insurance coverage for family members, outplacement services, fast-track full-and-final settlement, and a special provision to allow them to look for jobs while on the payroll.
