A latest media report published that India’s second-largest IT services major, Infosys has rolled out the quarterly performance bonus for the employees for the band six and below for the January-March quarter.
Average Bonus Announcement for Q4
Moving ahead in this development, several employees reported that the average pay-out has dropped to 60% for the final quarter of fiscal 2024.
Prior to this, the IT service provider had announced a variable bonus pay-out of 73% for the October-December period.
The company had 80% payout for the quarter through September and 75% for the first quarter of the fiscal year.
While that being said the employees at level 6 (PL6-manager) and below, barring those at the entry level, are set to receive pay-outs in the range of 55% to 85%.
Further, the employees belonging to PL 4, 5 and 6 will get an average of 70%, 65% and 57%, respectively.
The IT major had sent separate communications to the select employees reportedly.
Infosys has handed a bonus between 75% and 85% but only in exceptional cases.
Sources said that, IT company has informed employees about the final pay-outs through individual mails.
But, the payment will happen along with the May salary.
Upcoming Assignments
In another development, the IT firm has emerged among the top contenders for building the government’s new and upgraded central repository of KYC records—CKYCRR 2.0.
On February 19, 2024, CERSAI had floated a tender inviting bids from large IT firms to undertake the critical project, Moneycontrol had exclusively reported.
Here CERSAI is the Central Registry of Securitisation Asset Reconstruction and Security Interest of India which is the statutory body under the Reserve Bank of India (RBI) that maintains and operates the system.
It appears that the potential bidders, including Infosys, had shared a host of “pre-bidding” suggestions and challenges before finalizing their submissions.
Initially this tender was planned to be closed on April 16 but later on it was pushed to May 15 as requested by the bidders.
Infosys appears to be in the list of top bidders in the race of building a new KYC repository for the government.
Interestingly, the news of this new system upgrade comes at a time when the regulator has been tightening its grip on KYC compliances, with recent restrictions on business payment solution providers (BPSPs) and Paytm Payments Bank Ltd (PPBL).
