Bonus is paid on a quarterly basis. Infosys has announced this variable pay at a time when the company has cut its revenue growth guidance. However, in an email sent to the employees, the management has said that the company’s performance in the first quarter has been good and it is like a strong foundation for future expansion.
IT sector major Infosys has given an average of 80% variable pay to its employees in the first quarter of FY2024. Bonus is paid on a quarterly basis. Infosys has announced this variable pay at a time when the company has cut its revenue growth guidance. The company has cut guidance due to uncertainty regarding demand and macro-economic environment.
However, in an email sent to the employees, the management has said that the company’s performance in the first quarter has been good and it is like a strong foundation for future expansion. It states, ‘We are committed to accelerate the digital journey of business units and meet the needs of clients. We are confident that by focusing on our priorities and working together with our teams, we will be able to make the next quarter even better in terms of performance.
The email also states that the amount people will get as variable pay will be based on their performance in the respective quarter. “The performance bonus budget has been shared with the Unit Delivery Manager to finalize the bonus payment,” according to the email.
Delay in salary hike
Infosys paid 60% variable pay in the fourth quarter of the last financial year. Earlier, Moneycontrol had reported that the company has deferred the increment in the salaries of its employees. Normally this hike is applicable from July.
Wipro has also postponed the increase in the salary of its employees for a quarter. In addition, HCL Tech has deferred the salary hike for junior employees by a quarter, while it has decided not to increase the salary of senior employees this year.
