96% Wipro Employees Will Get Salary Hike Effective September?
Despite the latest news of Wipro firing 300 of its own due to moonlighting, there is now some good news.
The company will award annual increments to eligible employees for the financial year ending 2022 in their September salary.
Covering 96 per cent workforce
It is expected to cover 96 per cent of its employees.
The remaining 4 per cent could be those on extended leaves or sabbaticals.
The rest will receive hikes along with September’s monthly salary.
An internal mail sent by Saurabh Govil, Chief Human Resource Officer said that despite financial pressures in the last quarter Wipro has ensured a substantially wider coverage and market-aligned salary increase.
He further added, “You will receive your MSI (or merit salary increases) letter from your manager over the next few days. The salary increases in this cycle cover about 96% of all Wiproites based on performance and meeting eligibility criteria.”
Employees, who are above the C1 band – managers and above – have already received pay hikes effective June last year, however, this year employees have been awarded only effective September.
30 per cent cut in incentives
Earlier, Wipro had decided to withhold variable pay to its mid and senior-level executives for the quarter ended in June.
On the other hand, fresher and junior-level staff will get variable pay but after a 30 per cent cut.
In an email it said that the cut is happening due to operating margin pressure.
Reportedly Wipro sent an email to its C band and senior employees stating that they would not receive any variable payouts.
Lower level employees to be paid
However, the email mentioned that employees in A and B bands (freshers to team leader levels) would receive 70 per cent of the target variable pay for the quarter subject to a billability threshold.
It also stated that there would be no change in the salary hike and the increment will be effective from September 1.
Other IT majors
Meanwhile, TCS has also awarded a salary hike of 6-8 per cent last year and will look at similar increments with an upward bias for performances for FY22.
It usually rolls out increments with effect from April.
Infosys chief executive Salil Parekh also said it would roll out hikes effective April.