Amid layoffs across sectors due to the novel coronavirus induced lockdown and economic downturn, e-commerce payment firm Paytm has requested all its employees to surrender certain leave benefits. The company said that the decision would help ensure that its operations run smoothly after the easing of restrictions under coronavirus lockdown.
Paytm has withdrawn its employees' accumulated privilege leaves (PLs) and casual leaves (CLs). The company has denied PLs accumulated up to 35 days and accumulated CLs, reports news website NewsBytes.
"Ensuring that our employees are safeguarded from the current global crisis is of utmost importance to us," Rohit Thakur, Chief Human Resources Officer of Paytm, was quoted as saying in a statement.
The company said that this move would have a positive impact on its balance sheet and help ensure it continues with its growth.
"We believe that this is the right step to effectively accommodate the short term impact and the long term interests of our company and all employees," Thakur added.
Paytm said that it would be important to have all hands on deck post-COVID world so the company may focus on supporting citizens as they would rely even more on the digital payments and economy.
Paytm added that this is a temporary measure as employees would be able to collect PLs and CLs again in future. The company also said that it believes this move would help it keep its costs under check without affecting employees' morale adversely.