80% Wipro Employees Will Get Salary Hike From January; Upto 8% Salary Hike Announced
It seems that new year celebrations have already started for Wipro employees since the Thierry Delaporte-led IT firm is rolling out pay hikes for nearly 80 per cent of its employees effective January 1.
Not Only Pay Hikes For Wipro Employees
It’s not only pay hike though, the India’s fourth-biggest outsourcer Wipro will also be announcing promotions for high performers.
The IT firm considers rewarding its employees for ensuring business continuity during the uncertain times of the coronavirus-induced disruptions and the ensuing crisis.
Recently, Wipro was in news for its recently joined CEO, Thierry Delaporte, who Drives Stock Up 70% Without Entering Office and working from home.
Basically, Wipro is giving hikes to eligible employees mostly belonging to the junior band which is B3 and below grades.
In case of Wipro, the B3 band employees comprise 80% of its 1.8 lakh employees.
All the other eligible employees belonging to the mid-level, which is C1 band and above will be considered for salary increments effective June 1 next year, according to the TOI report.
Quantum Of Hikes
If we talk about the average percentage of increment, the hikes would be in the range of 6%-8% for offshore employees.
For onsite staff, it would range from 3%-4%, as per the sources .
So far, Wipro hasn’t commented on the quantum of hikes. Usually, Wipro’s annual increment is effective in June.
But Covid-19 has affected the normal schedule and IT firms were forced to revisit their appraisal cycle.
It is noteworthy here that the employees belonging to the C1 band and above have missed one cycle.
What Does Wipro Say?
While appreciating its employees, Wipro said, “Our employees have shown remarkable resolve and resilience in ensuring seamless business continuity and maintaining high standards of service in these challenging times. Wipro has announced 100% variable pay linked to business metrics for all employees for both the third quarter (October-December) and the fourth quarter (January-March) of financial year 2020-21,”.
Prior to this, this Bengaluru-based IT firm has also given 100% variable pay to its employees for the July-September quarter.
At the end of second quarter, Wipro reported a 3.15% rise in its net profit at Rs 2,465.7 crore for the three months ended September 30, 2020.
In Monday’s trading session, Wipro shares closed 0.65% lower at Rs 358.45. So far, it has delivered a 46% return this year.