New Delhi, May 2: Embattled edtech platform Byju’s, which is finding it difficult to pay full salaries amid severe cash crunch, has now linked sales employees’ pay to weekly revenue generation.

The new company policy is currently applicable to sales teams, including the Inside Sales (IS) and Byju’s Exam Prep (BEP) teams, according to an internal company document. Byju’s did not immediately comment on the new policy. Applicable for a period of four weeks till May 21, the new policy will ensure the disbursal of a percentage of the weekly revenue generated by sales staff, according to the document. Google Layoffs: Tech Giant Lays Off About 200 Employees From Its 'Core' Organisation, To Hire Corresponding Roles in India and Mexico.

“Starting immediately, 50 per cent of the upfront weekly collection will be directly disbursed to our sales associates every week for the next four weeks,” read the email. “For instance, if an associate successfully collects Rs 50,000 in revenue generated from orders between April 24th and April 30th, they will receive Rs 25,000 on May 1,” the document further said.

The base salaries for sales team associates will be suspended temporarily during the period till May 21. “Since the base salary has been suspended, you will not receive any payout or salaries for the given period (when the associate fails to do any revenue in a given week),” the company said in the internal document. UPI Transactions in April 2024 Drop to 1,330 Crore, 1% Down From 1,344 Crore in March.

Last month, the shareholders of the company approved the rights issue, paving the way for its parent company Think & Learn Private Limited to issue fresh shares and conclude the rights issue aimed at tackling the severe cash crunch. The approval of the extraordinary general meeting (EGM) proposals cleared the hurdle to tackle unpaid salaries, regulatory dues and vendor payments.

(The above story first appeared on LatestLY on May 02, 2024 10:47 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).