This month, Infosys will be issuing quarterly performance bonuses for the July–September period to eligible employees. The anticipated average payout is 80 per cent, with individual amounts dependent on how each employee performed and contributed in the quarter. Those at position level 6 (PL6-manager) and below, excluding entry-level positions, qualify for the variable pay, as per an ET report.
As per media reports, the official mail sent to the employees stated that the Q2FY2024 quarterly performance bonus will be paid out in the November 2023 payroll for eligible employees.
This week, unit-delivery managers will finish distributing payouts to their units and inform eligible employees. It is pertinent to mention here that Infosys had paused salary increments in FY23 in a bid to cut costs and save money, but had began its annual appraisal cycle in October.
Infosys and other top IT companies saw slow revenue growth in the September quarter. Despite the challenges, Infosys assured its employees that it had managed to remain “relevant” and set the stage for future market share growth in Q2, in an email about the payout. The 80 per cent performance bonus payout is the same as the first quarter but higher than the 60 per cent to 70 per cent range in previous FY22 quarters. In the March quarter of this year, Infosys paid out 60 per cent as a variable pay.