Saturday, May 24, 2025

Wipro rolls out 100% variable pay for Q2 along with Nov’s payroll

- Advertisement -

India’s IT services provider company, Wipro rolls out 100 percent variable pay along with November’s payroll.

A Wipro spokesperson said in a statement, “We will continue to invest in our people and their growth.”

“For the second quarter of the financial year 2023, Wipro pays out 100 percent of variable pay to all employees whose pay-out is linked to the overall company performance. This comprises nearly 85 percent of the company,” the spokesperson added.

This payout will be provided to nearly 85% of employees. Additionally, the remaining employees will receive the payout based on their unit’s target achievement.

The hikes will be provided for bands A to B3 for the September-ended quarter. The variable pay will be given to fresher and team leader levels.

“The variable pay as per company policy performance comes to 93.5%. However, we have decided to announce a higher company multiplier of 1.07 to reflect the progress we have made toward improving our operations,” said an internal mail from Wipro to employees.

“With this multiplier, the payout will be for all those whose payout is linked to overall company performance,” read the mail added.

In the second quarter, the company promoted more than 10,000 colleagues and increased salaries across bands.

Hiring was at a slower pace for the quarter ending September 30, 2022. Wipro added 605 new employees. As of September 30, 2022, Wipro’s employee count in IT services increased to 259,179 from 258,574 at the end of June.

The company has reported an Attrition Rate of 23%, moderating slightly from 23.3% in the previous quarter.

Recently, Infosys BPM (business process management) announced that the average variable payout for its employees is 60% in the second quarter of this fiscal.

Editorial

Why TCS Deferred FY25 Salary Hike: Better Hike Ahead?

TCS had initially announced its annual salary hike during...

Deloitte, PWC, EY, KPMG to Hire 1 Lakh People in India in FY25

According to estimates from top company officials and industry...

Higher EPS Pension Application Stuck: A Step-by-Step Guide to Fix

Nearly 97,640 Provident Fund (PF) members and pensioners under...

Employee Benefits at India’s Big 4 Firms Deloitte, PwC , EY, KPMG

The Big 4 firms; Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst...

TCS Announces 4-8% Salary Hike for FY25, Lowest in Last 4 Years

Tata Consultancy Services (TCS), India's largest IT services provider,...

Must Read

TCS and Infosys: Adapting to the Challenges of U.S. Trade Policies

Global ratings agency Moody's has released an insightful report...

Oracle to Skill 4 Lakh Students in AP, Boosting Employability

Oracle has partnered with the Andhra Pradesh State Skill...

SpiceJet Resolves Employee PF Dues, Boosts Financial Health

SpiceJet, India's low-cost carrier, has successfully cleared all pending...

JK Technosoft appoints Suja Antony as AVP – Global Talent Management

JK Technosoft appoints Suja Antony as AVP - Global...

Wipro Vs eX-CFO Jatin Dalal: Court refers the case to Arbitration

An Indian multinational corporation, Wipro, and its former Chief...

Amazon offers free ML course for graduates 2024-25; last date Sep 6

Amazon India has launched the third edition of Machine...

Simpl appoints Myntra’s Sneha Arora as CHRO

India’s leading checkout network meant to make payments invisible...

HSBC is hiring for multiple roles, women professionals, HR, interns

A financial services organization, HSBC is hiring for various...

Related Articles

Sheenu Pradhan
Sheenu Pradhanhttps://sightsinplus.com/
Sheenu Pradhan, Editor Content, SightsIn Plus. She has over 8 years of experience in human resources. Prior to this, she has been associated with Wictor Chemicals India, Wipro, and Shakti Plas Industry.