Infosys employees reportedly said the hike is 5-10% lower across level compared to the last pay revision done in November 2023
IT services giant Infosys has sent salary revision slips to employees with a hike between 5% and 20% on Tuesday. The raise is subject to the employee's performance rating, which is broadly categorised as “met expectations”, “commendable performance” and “outstanding performance”, the Economic Times reported, citing sources. This comes at a time when the giant has sparked controversy for layoffs announced by it.
The employees who will fall in the category “met expectations” will be entitled to 5-7% hike, “commendable” performers will receive a 7-10% hike and the “outstanding” workers will get a hike of 10-20%. According to the salary revision letter, cited by ET, the employees in the “needs improvement” category did not receive any hike.
The hikes announced in the letter covered employees at job level 5, comprising of those up to team leaders and job level 6, consisting of managers below vice president positions. For the job level 5 category, the pay revision will be effective with retrospective effect from January 1, while those at job level 6 will reportedly get it from April 1.
However, the employees said the hike is 5-10% lower across categories when compared to the last pay revision done in November 2023.
The development comes nearly a month later when Infosys CFO Jayesh Sanghrajka mentioned that the IT giant is planning to give increments in two phases during the company’s third-quarter earnings call.
“Our wage rollout—compensation rollout—is going to happen in two phases. The first phase will start on January 1, and the second phase will begin on April 1,” will start on January 1, and the second phase will begin on April 1,” said Sanghrajka.
The increment is likely to be a relief for the IT giant’s employees, who have been eyeing for a raise since 2023. Infosys had hit a pause button on annual increments due to the global slowdown in discretionary spending post Covid-19 pandemic.