Both Infosys, Wipro in the email to the employees have said that the quarterly performance bonuses will be paid to them in August salaries.
New Delhi: IT major Infosys said it has rolled out 80 percent of the variable pay to eligible employees for the first quarter of the 2024 fiscal. The company in a statement added that the bonus payout is quarterly, and 80 percent is the average payout for employees who are eligible for it.
The announcement comes at a time when the company has slashed its revenue growth guidance for the year amid a challenging and uncertain macroeconomic climate and demand environment.
In an email to employees, the management at Infosys said that the company has 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 email sent to employees read.
The company, however, said in the email that the amount that the employees will receive is based on their performance and contribution for the quarter, the email added.
“Performance Bonus budget was shared with Unit Delivery Managers to finalize bonus payout distribution for their respective DUs,” the email said.
In the similar manner, Wipro also rolled out more than 81% of an average variable pay for the June quarter to its employees. However, both the companies said that the salary hikes for the employees is under consideration.
Notably, the employees of both Bengaluru-based businesses have been informed of this. Both companies have said that the quarterly performance bonuses will be paid to both firms’ employees in August salaries.
It should be noted that for the March quarter of FY23, Infosys had reduced its variable pay to 60%, citing global macro-economic headwinds, and Wipro paid 80% on average.
On one hand when Infosys revised down its annual revenue guidance from 4%-7% to 1%-3.5%, Wipro on the other hand guided for a muted revenue growth of -2% to 1% in constant currency terms for the July – September quarter.
Infosys recently had said during the earnings call that it is actively considering the compensation and hike process for its employees, whereas Wipro deferred salary hikes for their employees from the second to the third quarter.
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