IT major Infosys employees will receive 80 per cent of their variable pay for the June 2023 quarter, according to a Moneycontrol report. It is higher than the 60 per cent average variable pay received in the April 2023 quarter and 70 per cent in the June 2022 quarter.
In an email sent to employees, the management 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 amount that individuals will get is based on their performance and contribution for the quarter.
“Performance bonus budget was shared with Unit Delivery Managers to finalise bonus payout distribution for their respective DUs,” the email said.
According to reports, some of the top performers will get 95 per cent of the variable pay. Infosys gives a variable payout to its employees on a quarterly basis.
Infosys Salary Hike
Infosys has so far not rolled out salary hikes for the financial year 2023-24. “It’s under consideration,” the company’s CFO Nilanjan Roy has said during the earnings call.
A query sent to Infosys did not elicit any response till the time story was published.
Tata Consultancy Services (TCS), India’s largest IT services company, has said 70 per cent of its employees will receive a 100 per cent variable payout for the June 2023 quarter.
Infosys’ net profit jumped 10.9 per cent to Rs 5,945 crore during June 2023 quarter. Its revenue during the period rose 10 per cent to Rs 37,933 crore, against Rs 34,470 crore a year ago. On a quarterly basis, Infosys reported a fall of 3 per cent in its net profit in Q1 FY24.
On the outlook, Infosys has revised downwards its revenue growth guidance to 1-3.5 per cent in the constant currency term for the financial year 2023-24, against 4-7 per cent earlier, amid an uncertain global economic environment. The company’s guidance on operating margin for FY24 now stands at 20-22 per cent.
Infosys’ IT services attrition declined to 20.9 per cent during the March 2023 quarter, compared with 24.3 per cent in December 2022 quarter.
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