Infosys has jump-started the holiday season by announcing salary revisions for a substantial number of its employees, as reported by The Economic Times.
The IT giant has chosen to implement the salary hikes from November 1, 2023, deviating from the industry norm where such revisions typically take effect from April 1. Notably, this excludes entry-level workers and the average hike this time is likely to be below 10%, as per the report.
The communication, reviewed by ET, expressed, "We are pleased to revise your compensation in acknowledgment of your commitment and performance with effect from November 1, 2023." This unexpected gesture comes at a time when the IT sector is grappling with sluggish demand for technology services globally.
The compensation review, earmarked for the fiscal year 2023-24, extends gratitude to employees for their "unparalleled support and efforts to overcome the current challenges and ensure success in all aspects".
Insiders suggest that the average hike this time is likely to be below 10%, with variations ranging from single-digit increases to low-double digits. This move is seen as a strategic initiative by Infosys to uplift employee morale amid industry challenges.
These salary revision letters were distributed a day ahead of Infosys' much-anticipated 'Stellar Saturday Culture Carnival' event scheduled for December 16, taking place across its numerous campuses in India.
The traditional timeline for compensation reviews, usually announced in June with retrospective effect from April 1, had been delayed by Infosys management in 2023. During the earnings conference after the first quarter, Infosys CFO Nilanjan Roy had mentioned that the rollout of annual hikes was under "active consideration."
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM