An Indian multinational information technology company, Infosys is planning to give an average payout of 80% to employees in its quarterly performance bonus.
This is higher variable pay than the company had given earlier, 60 per cent average variable pay in April 2023 quarter and 70 per cent in the June 2022 quarter.
An official communication said, “This is to keep you all informed that the quarterly performance bonus payout for Q2FY2024 (second quarter of the financial year 2023-24) will given in November 2023 payroll for all eligible employees.”
Individual payouts will be different based on the performance and contribution for the quarter. As per the reports of the ET, The employees working at position level 6 (PL6-manager) and below band are applicable for variable pay.
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While announcing the Q2FY24 results, Infosys said the company will skip campus hiring this year as it has a ‘way to go’ on utilization and they will keep monitoring the situation every quarter.
However, according to media reports, Infosys CEO, Salil Parekh said that we will start hiring when the new projects arrive. “The company will honor all the offers made regarding the appointment and will also make recruitments when the project comes,’ he said
Recently, Infosys has ended the work from home and asked its employees to come to the office. This change primarily affects employees categorized under Brand 5 and 6, encompassing mid-level managers, and entry-level staff. They have been directed to work for a minimum of 10 days each month from office, effective from November 20, 2023.
However earlier, The company said that it is committed to maintaining flexibility for its workforce. Moreover, The company noted that more employees have been returning to the company’s campuses each week. Currently, over 70 percent of employees have already returned to the office.
The company has seen a dip of 7,530 in its headcount over the second quarter of FY24, taking the total headcount to 328,764.
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