Byju’s Crisis: After EPFO Probe On Delayed Payments, Edtech Giant Pays 97% Of Pending Dues

This move to settle most of its PF dues by Byju's comes days after media reports were out that the company has delayed PF payment for the majority of its employees starting October last year.

New Delhi: Edtech giant Byju’s on June 27 told Employees Provident Fund Organisation (EPFO) that it has deposited PF dues for the period between August 2022 and May 2023 worth Rs 123.1 crore, Moneycontrol reported quoting people who requested anonymity. Byju’s also told EPFO that it will be remitting the balance Rs 3.43 crore within next two days, the report added.

The edtech company has now settled PF payments until May. “June contributions will be due only by 15th July and the company has agreed to pay that duly,” said one of the people quoted by Moneycontrol.

“This is to confirm Byju’s has no pending PF dues. The complete amount visible on the PF portal has been paid. Please note that if there is any amount that’s not reflecting on the portal, the same is because of technical or authentication issues. This should not be construed as the company’s pending dues,” said Zulfiquar Memon, MZM Legal, legal representative of Byju’s.

This move to settle most of its PF dues by Byju’s comes days after media reports were out that the company has delayed PF payment for the majority of its employees starting October last year.

As per the report, majority of employees were also yet to get PF payments for the months of April and May even though the company had been deducting the PF from employees’ salaries every month.

Raghunathan KE, EPFO Board member representing employers, had assured Byju’s employes earlier this week that the EPFO will make sure that all Byju’s employees get their provident fund (PF) dues (if pending).

“Byju’s employees need not worry about their PF dues. Their social security custodian, the EPFO, will ensure they get their hard-earned money back,” Raghunathan told Moneycontrol in a telephonic conversation.

EPFO’s probe against Byju’s comes days after the company reportedly came under the scanner of the Ministry of Corporate Affairs (MCA). In April, Byju’s also saw its offices getting searched by India’s financial probe agency, the Enforcement Directorate (ED), under the provisions of Foreign Exchange Management Act.