Byju's Collects PF from Employees' Salary, but Fails to Deposit It into their EPF Account! EPFO Data Unveils Troubling Facts!

Many ex-employees of Byju's have accused the company of deducting PF from their salaries but not depositing the amount in their EPF accounts

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According to a report, Byju's deposited PF contributions for some employees but reportedly failed to deposit it for others

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EPFO data accessed by the Economic Times revealed that Byju's made delayed PF contributions for 3,164 staff members, with a delay of 36 days as of April 2023

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Byju's made PF contributions for December 2022, January 2023, February, and March on June 19, but not all the payments were credited to the EPFO of certain employees.

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Salary slips received by staff members indicated PF deductions, raising concerns about the company not depositing the deducted amount

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The EPFO data suggests that Byju's has been inconsistent in paying PF contributions for some time, raising questions about the utilization of employees' provident funds

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It is unclear who authorized Byju's to earn interest on the PF amount and potentially use it for other purposes

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Some employees reportedly received PF money due for 2020 in June 2023, indicating significant delays.

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Byju's auditor, Deloitte, ended its association with the company due to delays in financial statements

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Three board members representing investors recently resigned without publicly disclosing the reasons behind their departure. Byju's has been requesting them to reconsider their decision.

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