Infosys has kicked off the holiday season by handing out salary revision letters to a large number of its employees on Friday, buoying sentiment at a time when the information technology sector has been battling sluggish demand for technology services worldwide.
The hikes, which typically are effective from April 1, have now been announced from November 1, 2023, ET has learnt. It does not include reviews for entry level workers of the IT services major, according to people aware of the matter.
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“We are pleased to revise your compensation in acknowledgement of your commitment and performance with effect from November 1, 2023,” said the Friday communication sent to employees, which has been reviewed by ET.
The compensation review programme is for the year 2023-24, according to the company. The email communication also thanks employees for “un-paralleled support and efforts to overcome the current challenges and ensure success in all aspects.”
The average hike this time is likely to be below 10%. “Several employees have received hikes in single digits while some are also in low-double digits. The average hike is likely to be under 10%,” multiple people aware of the development said.
The letters have been sent a day ahead of the mega ‘Stellar Saturday Culture Carnival’ event that Infosys is hosting for employees on December 16 at its dozen campuses across India.
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An Infosys spokesperson did not respond to a request for comment.
In the past, compensation reviews would typically have been announced in June with retrospective effect from April 1, but had been delayed by the management in 2023, ET had reported in September.
During the earnings conference after the first quarter, chief financial officer Nilanjan Roy said that rolling out annual hikes was under “active consideration.”
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Infosys has kicked off the holiday season by handing out salary revision letters to a large number of its employees on Friday, buoying sentiment at a time when the information technology sector has been battling sluggish demand for technology services worldwide.
The hikes, which typically are effective from April 1, have now been announced from November 1, 2023, ET has learnt. It does not include reviews for entry level workers of the IT services major, according to people aware of the matter.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering College
Course
Website
IIM Lucknow
IIML Executive Programme in FinTech, Banking & Applied Risk Management
“We are pleased to revise your compensation in acknowledgement of your commitment and performance with effect from November 1, 2023,” said the Friday communication sent to employees, which has been reviewed by ET.
The compensation review programme is for the year 2023-24, according to the company. The email communication also thanks employees for “un-paralleled support and efforts to overcome the current challenges and ensure success in all aspects.”
The average hike this time is likely to be below 10%. “Several employees have received hikes in single digits while some are also in low-double digits. The average hike is likely to be under 10%,” multiple people aware of the development said.
The letters have been sent a day ahead of the mega ‘Stellar Saturday Culture Carnival’ event that Infosys is hosting for employees on December 16 at its dozen campuses across India.
Discover the stories of your interest
An Infosys spokesperson did not respond to a request for comment.
In the past, compensation reviews would typically have been announced in June with retrospective effect from April 1, but had been delayed by the management in 2023, ET had reported in September.
During the earnings conference after the first quarter, chief financial officer Nilanjan Roy said that rolling out annual hikes was under “active consideration.”
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
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