The IT services major Wipro has announced to provide a variable pay out of 100% to a certain band of its employees and to the ones who have directly contributed to the company’s overall performance in the second quarter of the financial year 2022-23.
Thanks to the positive earnings results posted by the IT services exporter during the September quarter, the company has decided to roll out a 100% hike in the spirit of the festive season to bands A to B3 levels of its employees.
Here’s everything you need to know about the company’s variable payout to employees.
Which Wipro Employees Are Eligible for Variable Pay Rollout?
In an internal mail sent to employees, the It services major will provide a 100% variable payout to its employees in the band A to B3, which include all of them from freshers and team leader levels in the company.
The company said that the remaining employees of the company will receive their payouts depending upon the performance of their unit, or the ‘unit’s target achievement’.
The internal e-mail seen by ET reads, “The variable pay as per company policy performance comes to 93.5%. However, we have decided to announce a higher company multiplier of 1.07 to reflect the progress we have made toward improving our operations.
With this multiplier, the payout will be for all those whose payout is linked to overall company performance.”
The email further read that the raise/variable payout will be added and sent to employees’ accounts together with their salaries for November. It added that a minimum utilisation level of 50% is required for billable and digital operations and platforms (DOP) employees t be eligible for the payout.
Regarding this, a Wipro spokesperson said, “We will continue to invest in our people and their growth. For the second quarter of the financial year 2023, Wipro will pay out 100% of variable pay to all employees whose pay-out is linked to the overall company performance. This comprises nearly 85% of the company.”
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