India’s second-largest IT giant Infosys has deferred the salary hikes of its employees which it usually rolls out from April for its employees below the senior management level.
Earlier also in the 2020, pandemic year, the company froze hikes and then rolled out hikes in January 2021.
Usually, Infosys rolls out pay hikes for employees below the senior management level in the month of June quarter, but employees yet have not received any communication from the company.
Money Control reports suggest that the companies are under ongoing stress and current macroeconomic conditions that have caused and seen projects ramped down or canceled.
Previously, India’s second-largest IT giant Infosys said that the average variable payout for Q4FY23 has been reduced to 60 percent at an organizational level.
The employees received individual emails regarding the Payout. In Q1FY23, Infosys had lowered variable payout to 70 percent, which was then reduced to 65 percent in Q2.
The total employee count as of March 31 stood at 3,43,234, marking a drop of 3,611 employees as compared to the previous quarter. Infosys’ total employee count stood at 3,46,845 in Q3FY23.
Previously, another technology corporation, Microsoft informed that it won’t raise the salary of employees this year for full-time employees.
A spokesperson for the tech giant said, “We recognize that navigating both a dynamic economic environment and a major platform shift requires us to make critical decisions in how we invest in our people, our business, and our future.”
Infosys will announce results for the first quarter ended June 30, 2023, on Thursday, July 20, 2023, around 3.45 p.m. Indian Standard Time (IST) (6:15 a.m. ET; 3:15 a.m. PST; 11:15 a.m. London time; 6:15 p.m. Singapore/Hong Kong time).
The leadership team will be part of a press conference at 4:30 p.m. IST on July 20, 2023. The participating executives will address questions from the media during this interaction.