In a pleasant surprise to its employees, the country’s IT major, Infosys seems to have decided to kick off its delayed pay hike now.
Salary Hike For Infosys Employees
It appears that the technical giant has jump-started the holiday season by announcing salary revisions for a substantial number of its workforce.
Considering this positive turn of events, a ‘large number of employees’ in the company received their salary revision letters on Dec 15, 2023.
It is noteworthy here that this hike is with effect from November 1, as per the hike letters.
Although, the hikes at these technical majors are effective from April 1 each year in the normal cycle.
Further, the letter stated,“We are pleased to revise your compensation in acknowledgement of your commitment and performance with effect from November 1, 2023. We also thank you for your unparalleled support and efforts to overcome the current challenges, and ensure success in all aspects,” as per the sources.
However, notably, this compensation review programme is for 2023-24 and it does not cover entry-level staffers, according to the report.
Hike Averaging At 10%
When it comes to the average hike, this year this is most likely to be below 10%, the report added.
The media report earlier quoted that “Several employees have received hikes in single digits, while some are also in low-double digits. The average, therefore, is likely to be under 10%.”
This compensation review seems to be earmarked for the fiscal year 2023-24, further extending gratitude to employees for their “unparalleled support and efforts to overcome the current challenges and ensure success in all aspects”.
So far, there has been no response reported from Infosys in this regard.
The compensation reviews at the Bengaluru-based company were announced during June this year.
As it was with retrospective effect from June.
It appears that the management could have delayed the process this year.
In June, then-CFO, Nilanjan Roy said that rolling out salary hikes was under ‘active consideration’, during an earnings call after the first quarter.
The timing for the distribution of these salary revision letters was a day ahead of Infosys’ much-anticipated ‘Stellar Saturday Culture Carnival’ event which was scheduled for December 16 across its numerous campuses in India.
