Dunzo financial crisis: Assures 12% annual interest on deferred salaries, to clear dues by Sept 4

Cash strapped Dunzo has assured its employees a 12% annual interest on deferred salaries and that it would clear the dues by September 4, reported Moneycontrol.

This comes after Dunzo announced that the company would cap the salaries to Rs 75,000 from June irrespective of an employee's pay package. The company had also announced that it would defer the salary for about 500 employees.

Also Read: Dunzo crisis: Receives legal notices from 7 firms, ₹11.4-cr dues: Report

Earlier, it had said that the dues wil be cleared by July 20. However, the company in an email pushed the date to September 4.

“Thank you for your patience and continued support. We understand the inconvenience this (delay in salaries) has caused and want to ensure that we provide the possible support for the delay,” Dunzo’s payroll team said in an email to employees on July 27.

Also Read: Dunzo defers paying out June salary once again, cites cash crunch

The email also said that an annual interest of 12% would be paid for two months from July 4 to September 4 to all employees who haven't received the salary. An interest rate of 12% annually will be 1% per month.

As per Moneycontrol, certain employees still remain uncertain over Dunzo's payment plans because the company is yet to clear vendor dues, deposit the tax deducted at source (TDS) amounts since October 2022 and has a history of missing deadlines, as highlighted in a few legal notices.

Meanwhile, Dunzo has said that over 95% of all the TDS payment are made and the remaining will also be cleared.