Paytm considering reduction of workforce by 20% amid rising employee costs

With plans to reduce employee cost, digital payments firm Paytm might cut around 15-20 per cent of its workforce in the current financial year.

During FY23, the company maintained an average of 32,798 employees on its rolls, with 29,503 actively engaged. The average cost per employee stood at Rs 7,87,000. In FY24, the total expenditure surged by 34 per cent year-on-year (Y-o-Y) to Rs 3,124 crore, and the average employee cost is estimated to have increased to Rs 10,60,000, according to a report by the Financial Express.