Akshata Sharma
Share
Vijay Shekhar Sharma-led troubled fintech firm Paytm is reportedly looking to fire around 15-20% of its workforce to manage its growing losses.
According to a Financial Express report, the company will lay off 5,000-6,300 employees to save Rs 400-500 crore.
In FY23, the company had an average of 32,798 employees on payroll, with 29,503 actively working and an average cost per employee of Rs 7.87 lakh.
For FY24, total employee costs increased by 34% year-on-year to Rs 3,124 crore, raising the average cost per employee to Rs 10.6 lakh.
The report also said that the company has already begun layoffs, with over 1,000 employees terminated in December to streamline operations and cut costs.
--Advertisement--
