Physics Wallah may lay off up to 120 employees
New Delhi, Nov 19: Edtech firm Physics Wallah may lay off up to 120 employees due to performance issues, according to the company.
The company in a statement said that less than 0.8 per cent of its total workforce will be impacted due to the performance review exercise.
"At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8 per cent of our workforce, ranging from 70 to 120 individuals with performance concerns—may be asked to transition.
"Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months," PW, CHRO, Satish Khengre said in a statement.
The company has around 12,000 employees.
Several edtech companies, including unicorns like BYJU'S and Unacademy had hired excess staff to meet the sudden spike in demand for online classes during the COVID period.
This is the first mass lay-off that has been announced by Physics Wallah (PW).
"We deeply value the dedication of our existing employees and recognize their integral role in shaping the future of education technology," Khengre said.
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States have money to give freebies but not to retired judges: Supreme Court
New Delhi (PTI): States have enough money to give freebies to people who do no work but they claim financial constraints when it comes to paying salary and pension to judges of the district judiciary, the Supreme Court said on Tuesday.
A bench of Justices B R Gavai and Augustine George Masih made the oral observation after Attorney General R Venkataramani submitted that the government has to consider financial constraints when deciding the pay and retirement benefits of judicial officers.
"The state's have all the money for the people who don't do any work. Come elections, you declare ladli behna and other new schemes where you pay fixed amounts. In Delhi, we have announcements now from some party or the other saying they will pay Rs 2500 if they come to power," the bench remarked.
Venkataramani submitted that genuine concerns of financial burdens must be taken into account.
The observation was made while the apex court was hearing a plea filed in 2015 by the All India Judges Association regarding pension to retired judges.
The top court had earlier said it was "pitiable" that some retired high court judges were getting a pension ranging between Rs 10,000 and Rs 15,000.
