For the second time this year, Infosys has cut back variable pay. In the previous quarter, it had granted 70 per cent variable pay amidst pressure on operation margins.
Variable pay, commonly referred to as performance-linked pay, is the amount paid to the employees by their employers for their contribution to the growth and success of the business.
For this quarter, the Company has announced that it will pay 65 per cent performance pay to the eligible employees. This is much lower than the 70 per cent variable pay that had been given in the April-June quarter.
Infosys had paid an average of 60 per cent variable pay to its business-process management (BPM) employees in the July-September quarter.
In an official mail, the employees were informed that at the organisation level, the average payout is 65 per cent for the second quarter of FY23.
The mail also clarifies that the pay-out percentages will vary from individual to individual, based on the quarterly performance.
A report by Economic Times suggests that the payout for staff in the US and Canada will take place along with the second biweekly November payroll.
Infosys, posted a net profit of about Rs 6,021 crore in the September quarter of 2022. This is much higher —11 per cent more — than the profit of Rs 5,421 crore posted during the same time in 2021.
While its sales were worth over Rs 29,000 crore during this quarter last year, it increased to over Rs 36,500 crore this year. A spike of over 23 per cent.
Value our content... contribute towards our growth. Even a small contribution a month would be of great help for us.
Since eight years, we have been serving the industry through daily news and stories. Our content is free for all and we plan to keep it that way.
Support HRKatha. Pay Here (All it takes is a minute)
