Infosys pays average 70% bonus for first quarter; staff await clarity on salary hikes
Infosys has awarded its employees an average performance bonus of 70% for the first quarter, consistent with the previous quarter but lower than the previous year. The company is currently navigating a challenging macroeconomic environment and is planning to implement annual salary revisions in two stages.
Why it matters
As a major player in the Indian IT sector, Infosys's compensation trends serve as a bellwether for the broader technology services industry's health and hiring outlook.
Infosys, India’s second largest IT services major, has reportedly awarded its eligible employees an average performance bonus of 70% for the April-June quarter. While the average payout is similar to the last quarter, it is around 10 percentage points lower than what was awarded a year earlier.The payout comes as the technology industry deals with weaker discretionary spending, an uncertain macroeconomic environment and disruption from rapid developments in artificial intelligence.Infosys reported a 12% year-on-year rise in consolidated net profit to Rs 7,769 crore for the April-June quarter last month, even as it reduced its revenue growth guidance for the full year.Also Read | Indian IT sector job market is changing: What can get you hired & at a premiumInfosys bonus payoutThe latest bonus payouts varied from 65% to 80%, depending on employees’ job levels and performance categories, according to an ET report.Employees in job levels (JL) 4 and 5 received…
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