Infosys has deferred the salary hikes for all employees below the senior management level that is generally rolled out from April, reported Moneycontrol. Multiple employees confirmed that they have not received their pay raise that generally happens during the first quarter of the financial year.
The employees also told Moneycontrol that they have also received no intimation as to when they are likely to receive the pay hike.
The Indian tech giant also rolls out the hikes for the senior management in July but in the first few days of this month the employees have not received any communication if they will get a pay hike.
Infosys in 2020 during the pandemic froze the hikes due to cash conservations but rolled out hikes in January once the situation was under control.
The company is due to report its first quarter results on July 20 but the expectation is for a subdued quarter. For the full year, Infosys has seen a revenue growth of 4-7 per cent making this the first time since financial year 2018 when the company's revenue was in this range.
Infosys reduced variable payout in Q4FY23
In the last quarter of financial year 2023 the company had reduced its variable payout around 60 per cent across the organisation. Though the average payout was 60 per cent employees, the final variable payout would depend on the unit or department they are working for with variables like pay grades.
During the Annual General Meeting last month, Salil Parekh said, "What we've seen over the last four quarters, Q4 and before, attrition has steadily been coming down each quarter on a quarterly basis. We see a lot of the initiatives that we've put in place, and also the overall economic environment, both of them relating to the attrition coming down, our employee engagement scores are continuing to go up and we believe that with that we will have a good control on attrition in the coming quarters."
