Paytm LayOffs News: On one hand people are busy in preparations for the New Year. On the other hand, many people have lost their jobs. Veteran fintech company Paytm has now shown the way out to more than 1000 people.
Paytm Lay Off: Even before the start of the new year, more than 1000 people have lost their jobs. On one hand, people are busy in preparations for the New Year. On the other hand, many people have lost their jobs. Veteran fintech company Paytm has now shown the way out to more than 1000 people. The company has made this new layoff by combining several units.
According to the report of Economic Times, a person from the company said that this retrenchment process was going on for a long time. At present this retrenchment has been done because of AI (Artificial Intelligence). After Paytm’s decision of layoffs, about 10 percent people will lose their jobs.
Plan to cut staff expenses too
According to media reports, Paytm is also planning to reduce staff expenses by about 10 to 15 percent. No official statement has yet been issued by the company regarding this layoff. At present, the focus of the company is to emphasize on Artificial Intelligence.
Jobs have been lost because of AI
According to the information received from the company, those people have lost their jobs in this layoff, which could have been done with the help of AI. Paytm has also said that this step has been taken for cost cutting and improving business. It has been indicated by the company that more such decisions can be taken.
What is the company’s next focus?
At present, the focus of Paytm company is on wealth management and insurance sector. After the fintech sector, the company wants to focus its attention on this business. At present, new jobs can also be created in the company in the coming time. The new recruitments that will take place are also expected to be in this sector.
Major layoffs took place in the first 3 quarters
According to the report, Paytm has laid off more than 28,000 employees in the first three quarters. Due to this layoff by Paytm, the concerns of many people have increased. At the same time, people are now thinking that the jobs of people in the loan section may also be affected. Recently, loan rules have been changed and its impact can be seen on the company.