Infosys to roll out average 80% variable pay for Q1
Infosys has planned to roll out 80% variable pay on an average for its employees for the quarter-ended June. It will be disbursed along with this month's salary.
«We delivered a good performance in Q1, setting a robust foundation for future expansion. We remained committed to helping businesses accelerate their digital journeys and catering to emerging client requirements.
By staying focused on our priorities, collaborating closely across teams, and remaining adaptable to changing circumstances, we are confident in setting ourselves up for a productive and optimistic quarter ahead,» the mail sent to employees read. ET has seen a copy of the mail.
The average payout at the organisation level is at 80% for the first quarter of FY24, the mail said, adding that individual payout percentages will differ based on performances and contribution for the quarter. A mail sent to Infosys seeking a comment remained unanswered.
The mails were dispatched to employees throughout this week.
This comes as India's second largest IT firm paid 60% variable last quarter on an average. The company has also not rolled out annual hikes for employees for the year FY23. Previous hikes were paid in July 2022.
During the first quarter post-earnings conference, chief financial officer Nilanjan Roy said rolling out annual increments was under “active consideration”.
Tata Consultancy Services had announced annual hikes with effect from April, including 12-15% for «exceptional» performers. It also assured 100% variable pay for 70% of the staff while the rest will depend on the business unit's performance. For the June-ended quarter, Infosys posted a nearly 11% increase in first-quarter net profit, but missed analyst estimates and slashed its revenue
