Mumbai, December 16: Infosys gave salary revision letters to many of its workers on Friday, December 15, after several months of delay, the Economic Times reported. The company’s outgoing CFO, Nilanjan Roy, declared during Q2 results that the firm will implement pay raises starting November 1. Usually, Infosys gives its annual salary increases to employees below the senior management level in April, and the rest of the organisation gets their hikes in July. However, this year, the company had put off the salary adjustments as the industry has been struggling with a slowdown in the macroeconomic situation.

In a communication to employees, Infosys said, ‘’We are pleased to revise your compensation in acknowledgement of your commitment and performance with effect from November 1, 2023.'' The compensation review programme is for 2023-24, per the country's second-largest information technology (IT) major. The Infosys email praised employees for their “exceptional efforts and support” to overcome the current challenges and succeed in all areas. It also said that some employees got single-digit and some got low-double-digit hikes. Infosys Announces Its New 'Diamond' Partnership With HPE Alliances To Empower Businesses To Embrace Future and Achieve Their Goals.

The company’s net profit increased by 3.17 per cent to Rs 6,212 crore in the July-September quarter of 2023-24, from Rs 6,012 crore in the same quarter last year. The Mint reported that the Bengaluru-based company revised its revenue growth forecast for the full year to 1-2.5 per cent, down from 1-3.5 per cent in the previous quarter and 4-7 per cent earlier. Infosys Hiring! Indian IT Firm Plans to Hire 500 Employees After Opening Centre in Bulgaria To Expand Operations in Europe.

Apart from Infosys, TCS has rolled the salary increment for its employees of 12-15 percent in 2023. LTIMindtree also extended salary hikes for its employees after a considerable delay. Tetley, too, increased employees' salaries by 7%, effective from April 1, 2023. On the other hand, Wipro has announced that it has postponed the salary hike of its employees to the 3rd quarter. The salary hike given in September last year will be delayed to the October-December quarter this year. The company plans to carry out the pay raise in the year's third quarter instead of Q2.

(The above story first appeared on LatestLY on Dec 16, 2023 08:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).