1.97 Lakh Wipro Employees Will Get Surprise Salary Hike: Who Are Eligible? Why?
Wipro, one of the leading IT services companies in India will now be handing out a major wage hike to all its junior employees!
This is the second hike in the calendar year, and this new hike will be effective from September 1, 2021.
Read on to find out all the details!
Wipro To Introduce Salary Hike For Junior Employees
The company has confirmed that Wipro Limited will initiate merit salary increases (MSI) for all eligible employees up to Band B3 (Assistant Manager and below), effective September 1, 2021. Wipro had recently announced salary hikes for the employees in these bands who make up for 80% of the company’s workforce.
As per the statement by Wipro, “On average, the increments will be in the high single digits for offshore employees while it will be in the mid-single digits for onsite employees. The company will reward top performers with substantially higher increases.”
We recently reported to you about Wipro rolling out another salary hike in an attempt toward employee retention, a mission the firm calls its “war for talent”. The hike is one measure among others such as promotions and skill-based bonuses, aimed at leading the competition for diverse and skilled talent.
Second Hike After Wipro’s June Announcement of Hike For 80% Employees
In June, Wipro had announced 2nd salary hike for 80% of the employees. It was announced that all employees who are Band 3 or below will be eligible for this new salary hike, and in layman terms, this means all employees who are in the post of Assistant Manager or below. This effectively covers 80% of the employees.
In the month of December, 2020, Wipro had announced their 1st salary hike for all eligible employees.
Notably, Wipro CEO gets the highest salary among all IT companies in India.
As of March 31, the attrition rate for Wipro was 12.1%, a jump from 11% in Q3 FY21; with a total headcount of 1.97 lakh.
The causes can be attributed to high demand and requirement for niche talents.