Infosys, an Indian IT services, announced that it will increase the salary of a major portion of its 2 lakhs employees from “mid-single digit to high-single-digit”, starting April onward.
“We are also pleased to announce compensation revision for 85% of our employees starting April. For rest of the employees, primarily middle management and senior management, it will be effective July 1. This is for both onsite and offshore,” said Infosys Chief Operating Officer UB Pravin Rao.
The COO also announced that most of the firm’s employees operating in India will receive raises from “mid-single digit to high-single digit.” Additionally, likewise to the previous year, incentives on employees’ salaries will fluctuate according to the quality of work delivered, based on performance and contribution.
“The variable payout is 100 percent for this quarter, it will be highest in the last 10 quarters, and in addition, we have announced a USD 10 million incremental investment bonus payout to employees that are in addition to 100 percent (variable) payout,” Rao said.
The IT company promoted 2,221 people since the start of the year. About 85% of the Infosys employees are set to receive their salary raise as from April 2018. The remaining 15% mostly employees with over eight years of experience will also benefit from a salary increase but will have to wait until July 2018.