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Festive Treat From Infosys! Employees To Receive 80% Average Variable Pay In November
The variable pay, which varies for each employee based on individual performance and contributions for the quarter, will be disbursed in the November 2023 payroll.
New Delhi: In a positive development for Infosys employees, the IT major is set to distribute an 80 percent average variable pay for the July-September 2023 quarter (Q2 FY24). According to reports by ET, this payout is higher than the 60 percent received in the April 2023 quarter and the 70 percent in the June 2022 quarter.
The average variable pay for September 2023 remains consistent with the previous June 2023 quarter. The variable pay, which varies for each employee based on individual performance and contributions for the quarter, will be disbursed in the November 2023 payroll. (Also Read: A Look Inside Delhi's Jaw-Dropping Mansions Owned By Biz Tycoons - In Pics)
This information was communicated to employees through an internal announcement, stating, "This is to keep you all informed that the quarterly performance bonus payout for Q2FY2024 will happen in November 2023 payroll for all eligible employees." (Also Read: Big Bonanza To LPG Customers As Price Of 19-KG Cylinders Slashed By Rs 57.5 In THESE Cities)
The 80 percent average variable pay is applicable to employees under position level 6 (PL6) and below. Unit delivery managers have been tasked with finalizing the distribution of payouts for their respective units, and eligible employees will soon be notified of their individual payouts.
In addition to the positive news on variable pay, Infosys CFO Nilanjan Roy announced in October that the company would implement wage hikes starting November 1.
The decision comes after Infosys had temporarily halted salary hikes in 2022-23 to conserve cash. The annual appraisal cycle at Infosys begins in October and concludes in September of the following financial year, with employee ratings disclosed by January and salary hike letters released in June.
For the second quarter ending September 2023, Infosys reported a 3.2 percent increase in net profit, amounting to Rs 6,212 crore compared to Rs 6,021 crore the previous year.
The revenue for July-September 2023 also saw a 6.7 percent rise, reaching Rs 38,994 crore, up from Rs 36,538 crore in the same period last year. On a quarterly basis, net profit rose by 4.5 percent, and revenue increased by 2.8 percent during the September 2023 quarter.