Infosys Surprises 2.4 Lakh Employees With 100% Variable Pay, Bonus For December, Salary Hike From January!
It was only last month that Infosys had announced promotions and salary hikes for 1.2 lakh mid-level and junior level employees.
And now, new is that Infosys has announced salary hikes and promotions for employees across all levels!
When will the salary hikes and promotions be effective? Read on to find out!
Infosys Announces Salary Hikes And Promotions For Employees Of All Levels
The Bengaluru-based company has announced that the salary increases along with promotions will be effective from January 1. At the end of September, the total headcount at Infosys was 2,40,208.
Infosys COO Pravin Rao said that a critical part of their success has been because of the employees.
He said, “As a recognition of their stellar performance, we are giving 100% variable pay along with a special incentive for Q2. Additionally, we are rolling out salary increases and promotions across all levels effective Jan 1st.”
The company has also announced that it will be giving 100% variable pay and a special incentive for the second quarter which will be paid in the Q3. This was confirmed by Infosys CEO and MD Salil Parekh as well.
Infosys’ Salary Hikes To Restart Now And Will Be Effective From January 2021
This announcement was made while the company was declaring its quarterly results.
Parekh also said that the salary hike will restart now and it will be effective from 1 January 2021.
As per Rao, the quantum of salary hikes will be similar to that of last year. The average hike in salary by Infosys in India was about 6 percent whereas it was 1-1.5 percent outside India.
As per reports, a 20.6% rise was reported by Infosys in the September quarter, which was boosted due to the increased demand of clients for the company’s new-age digital services such as cloud, data, and analytics.
The voluntary attrition rate for IT services declined to 7.8 percent, which was about 18.3 percent in the year-ago period. Apparently, Rao said that attrition has reduced significantly than the usual number this time of the year.
The company’s efforts towards employee engagement and safety during the pandemic have contributed to this.