Check Details: Infosys Workers Will Receive An 80% Average Variable Payout in Q2 This Month

According to a report, IT giant Infosys would offer its workers 80 percent average variable pay this month for the July–September 2023 quarter (Q2 FY24). Depending on each person’s performance and contribution for the quarter, payments will vary. The average variable pay for the June 2023 quarter is the same as it was before.

Nonetheless, the September 2023 average of 80% variable pay is more than the April 2023 and June 2022 averages of 60% and 70%, respectively, that workers were paid in variable pay.

Workers at or below position level 6, sometimes known as PL6-manager, will get variable compensation.

“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,” said an internal message distributed to the staff.

It is the responsibility of the unit delivery managers to finalize the payment distribution for their individual units. The ET article states that the qualified workers would get information on their individual rewards shortly.

In the meanwhile, Infosys CFO Nilanjan Roy said in October that the business would begin paying raises on November 1st, after the announcement of the company’s financial results on October 12.

Hikes were previously implemented by the corporation for individuals under senior management in April and for those above in July. “There is nothing decided,” he said; “every quarter we look at the environment and what the competition is doing.”

The yearly assessment cycle at Infosys starts in October and runs through September of the following fiscal year. Employee ratings are made public by the corporation by January, and the wage increase letter is released in June.

Infosys stopped raising salaries in 2022–2023 to save money. But in October, it began its yearly assessment cycle.

Infosys recorded a 3.2% increase in net profit to Rs 6,212 crore in the second quarter that ended in September 2023 compared to Rs 6,021 crore in the same period the previous year. From July to September of 2023, its revenue climbed 6.7% to Rs 38,994 crore, up from Rs 36,538 crore in the same period the previous year.

In the September 2023 quarter, the company’s sales climbed by 2.8% and its net profit improved by 4.5% on a quarterly basis.