Online money transaction & payment app, Paytm's parent company One 97 Communications fired 1000 employees just weeks before Christmas 2023 and New Year. The last month of the year which is supposed to bring joy in everyone's life brought pain and financial burden as 1000 employees were laid off by Paytm. In the Paytm firing, employees who handled operations, and sales, and who were part of the engineering team were handed pink slips. A report suggests that the latest Paytm Layoffs will impact 10 percent of the company's overall workforce. Paytm fired employees included people in the small-ticket consumer lending and the 'buy now pay later' segment due to regulatory restrictions on unsecured loans by the Reserve Bank of India (RBI). Now, the question arises why did Paytm fire 1000 employees just weeks before Christmas and New Year?
Paytm Layoff 2023 Reason
The answer is Artificial Intelligence (AI). As per reports, the company has introduced AI into its multiple workings. Before the introduction of AI, employees used to handle such processes, however, after the including of AI, 1000 people had to lose their jobs weeks before holidays.
