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BYJU’S Financial Crisis: Employee PF Credit Stopped Again Even After Deduction From Salaries

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Byju's aims to raise $1 billion to avert shareholders revolt: Report -  BusinessToday
  1. BYJU’S, the troubled edtech giant, has reportedly not deposited the provident fund (PF) in its employees’ EPFO accounts since August this year, despite deducting the amount from their salaries.
  2. According to EPFO data, BYJU’S deposited a PF amount of INR 63.8 crore for the first six months of 2023, a significant decrease from the INR 200.6 crore deposited for the entire year of 2022.
  3. Founder Byju Raveendran has allegedly pledged his houses to secure a $12 million loan, purportedly to cover salary payments amidst the company’s financial struggles.
  4. The non-deposit of PF funds coincides with BYJU’S facing multiple challenges and experiencing financial constraints, which have been widely reported in recent times.
SourceINC 42

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