Infosys Gives Salary Hike To Its Employees: Report

New Delhi: Infosys, the country's second-largest information technology (IT) major, issued salary revision letters to a significant number of its employees on December 15. According to a report by the Economic Times, the average pay hike falls below 10 percent, marking a notable adjustment for the tech giant's workforce.

Timing Of Salary Revisions

Traditionally effective from April 1, this year's salary revisions at Infosys will take effect from November 1, 2023. The company communicated this change to its employees, expressing gratitude for their commitment and performance during these challenging times. (Also Read: List Of Upcoming IPOs This Week: Check Details)

As per the report, the entry-level employees are excluded from this year's salary hike. In the communication to employees, Infosys expressed its pleasure in revising compensation, recognizing the dedication and performance of its workforce. (Also Read: Google Pixel 8 Pro Available At A Discount Of Rs 17,000 On Flipkart: Here's How To Avail The Deal)

The company extended gratitude for the unparalleled support and efforts exhibited by its employees to overcome challenges and achieve success in various aspects.

Details Of Salary Hike

The salary hikes for the year 2023-24 encompassed a range of adjustments, with several employees reportedly receiving single-digit hikes, while some saw adjustments in the low-double digits.

Despite the salary revisions, Infosys has navigated a robust financial quarter, with net profit rising by 3.17 percent to Rs 6,212 crore in the July-September quarter of fiscal 2023-24.

The company has also narrowed its revenue growth guidance for the full year to 1-2.5 percent, following a reduction in the last quarter from 4-7 percent to 1-3.5 percent.

The September quarter witnessed a 7 percent rise in revenue to Rs 38,994 crore compared to the corresponding period last year. Infosys declared an interim dividend of Rs 18 per equity share, with a record date of October 25.

Infosys maintained an operating margin of 21.2 percent for the September quarter, representing a sequential rise of 40 basis points. The company has retained its operating margin guidance at 20 percent to 22 percent.