News: Infosys unveils revised salaries; average pay increase for employees is below 10%

Compensation & Benefits

Infosys unveils revised salaries; average pay increase for employees is below 10%

This action from Infosys is perceived as a strategic effort to uplift employee spirits amid challenges prevalent in the industry.
Infosys unveils revised salaries; average pay increase for employees is below 10%

Infosys has ushered in the holiday season with an unexpected announcement of salary revisions for a significant portion of its workforce. Breaking away from the industry norm, the IT behemoth has opted to implement these salary increments starting November 1, 2023, a departure from the customary commencement date of April 1. 

However, this revision excludes entry-level employees, and the reported average increase is anticipated to fall below the 10% mark.

As per media reports, the official communication expressed appreciation for employees' dedication and performance, stating, "We are pleased to revise your compensation in acknowledgment of your commitment and performance with effect from November 1, 2023." 

This unexpected gesture arrives amidst a time when the global demand for technology services within the IT sector faces notable sluggishness.

The compensation review, designated for the fiscal year 2023-24, acknowledges and appreciates employees for their exceptional support and contributions in overcoming prevailing challenges and ensuring success across all facets of the business.

The reports also indicate that the average salary increase is expected to range below 10%, encompassing varied increments from single digits to low double digits. This move by Infosys is seen as a strategic initiative aimed at boosting employee morale in the face of industry-related adversities.

The distribution of these salary revision notices notably precedes Infosys' highly anticipated 'Stellar Saturday Culture Carnival' event scheduled for December 16, which is slated to unfold across multiple company campuses in India.

Interestingly, the traditional timeline for compensation reviews, customarily announced in June with retrospective effect from April 1, underwent a delay in 2023 under Infosys' management. During the earnings conference following the first quarter, Infosys CFO Nilanjan Roy hinted at the active contemplation regarding the rollout of annual salary hikes.

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Topics: Compensation & Benefits, Employee Relations, #HRTech, #HRCommunity

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