Infosys employees to receive 80% variable pay

An Indian multinational information technology company, Infosys employees will receive 80% of their variable pay in the June quarter. Some of the top performers have received payouts of 95% as reported by TOI. 

However, in April, Infosys said that the average variable payout for Q4FY23 was reduced to 60 percent at an organizational level.

And in last year, Q1FY23, Infosys had given a variable payout of 70 percent, which was then reduced to 65 percent in Q2.

However, Infosys has deferred the salary hikes for this year which it usually rolls out from April for its employees below the senior management level. Usually, Infosys rolls out pay hikes for employees below the senior management level in the June quarter, but employees yet have not received any communication from the company.

TCS said 70% of the employees will get a 100% variable payout for the June quarter. TCS has rolled out an annual salary increase with effect from April 1st. The company has given a 12-15% raise for exceptional performers in the latest annual compensation review and also commenced the promotions cycle.

Earlier in May, Infosys said that it will be allocating more than 5.11 lakh equity shares to top-performing employees.

Infosys said in the exchange filing, “This is to inform that the Company has allotted 5,11,862 equity shares on May 12, 2023, pursuant to the exercise of Restricted Stock Units by eligible employees.”

Infosys headcount shrinks by 6,940 in Q1FY24. The attrition rate at Infosys has improved by over 300 bps and stands at 17.3 percent. Moreover, the net employee headcount has seen a marginal decline.

The total employee headcount for Q1 FY24 stood at 3,36,294, while the employee headcount for Q4 FY 23 stood at 3,43,234.