Infosys has kicked off its delayed pay hike, as a ‘large number of employees’ received their salary revision letters on Friday.
The hike is with effect from November 1, the letters said. Typically, hikes at the tech giant are effective from April 1 each year.
“We are pleased to revise your compensation in acknowledgement of your commitment and performance with effect from November 1, 2023. We also thank you for your unparalleled support and efforts to overcome the current challenges, and ensure success in all aspects,” the letters stated, according to The Economic Times.
However, the compensation review programme, which is for 2023-24, does not cover entry-level staffers, as per the report. Also, the average hike this time is likely to be below 10%, it added.
“Several employees have received hikes in single digits, while some are also in low-double digits. The average, therefore, is likely to be under 10%,” the daily quoted people aware of the development, as saying.
There was no response from Infosys to ET’s request for a comment.
In the past, compensation reviews at the Bengaluru-based company have been announced in June with retrospective effect from June; the management, however, delayed the process this year.
During an earnings call after the first quarter, then-CFO Nilanjan Roy had said that rolling out salary hikes was under ‘active consideration.’