IT major Infosys has started its delayed pay hike. A “large number of employees” received their salary revision letters on Friday, December 15, according to an Economic Times report. The salary revision will come into effect from November 1, 2023.
“We are pleased to revise your compensation in acknowledgement of your commitment and performance with effect from November 1, 2023. We also thank you for your unparalleled support and efforts to overcome the current challenges, and ensure success in all aspects,” said the letters, according to The Economic Times.
The latest salary hike, which is for 2023-24, does not cover entry-level employees. Also, the average hike this time is likely to be below 10 per cent, the ET report said.
“Several employees have received hikes in single digits, while some are also in low-double digits. The average, therefore, is likely to be under 10 per cent,” the report said quoting multiple people aware of the development.
This time, it is a delayed salary hike as Infosys used to roll out the pay revision to everyone below the senior management in April, and to those above in July.
After announcing the company’s Q2 FY24 financial results in October, Infosys Chief Financial Officer Nilanjan Roy said the company will roll out its wage hikes from November 1. “Every quarter we have a look at the environment and what the competition is doing — so there is nothing decided,” he said.
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