Indian IT giant Wipro is set to implement salary hikes for its employees starting in September 2024. As per the update, all the top performers are expected to see an average salary increase of eight per cent.
This is an improvement from last year’s average raise of six per cent, benefiting a significant portion of the company’s offshore workforce. The salary adjustments will primarily affect 75 per cent of Wipro’s 2,00,000 offshore employees, while those stationed at client sites will receive a more modest three per cent increase.
The salary revisions will take effect from 1 September, 2024, with employees expected to see the changes reflected in their October payroll along with arrears for September. In addition to the salary increases, Wipro is expected to ramp up its hiring efforts, particularly from campuses, with plans to onboard 10,000 freshers by March 2025 after a hiring pause.
The salary hike comes amidst a global slowdown in the technology sector, as clients reduce IT spending due to ongoing economic uncertainties. Wipro’s move follows Tata Consultancy Services’ (TCS) recent announcement of salary increases, with top performers receiving double-digit raises and others seeing increments between 4.5 per cent and 7 per cent earlier in April 2024.
Additionally, the decision to offer salary hikes better than last year’s is aimed at boosting employee morale and retention. This follows a leadership change in April 2024 when Srinivas Pallia took over as CEO, replacing Thierry Delaporte. Pallia is focused on steering the company through a difficult period.
While Wipro and TCS have both confirmed their salary hikes, other major players such as Infosys and HCL Tech have yet to announce their plans. Industry experts suggest that IT companies are cautiously assessing the global economic situation before finalising their salary adjustment timelines.
