This month, Infosys will distribute quarterly performance bonuses to eligible employees for the July-September period. The expected average payout is 80%, with individual amounts determined by how well each employee performed and contributed during the quarter. According to an ET report, those at position level 6 (PL6-manager) and below, excluding entry-level positions, are eligible for variable pay.
According to media reports, the official email sent to employees stated that the Q2FY2024 quarterly performance bonus will be paid out to eligible employees in the November 2023 payroll.
This week, unit-delivery managers will complete payout distribution to their units and notify eligible employees. It is worth noting that Infosys paused salary increases in FY23 in order to cut costs and save money, but resumed its annual appraisal cycle in October.
In the September quarter, Infosys and other top IT firms saw slow revenue growth. Despite the challenges, Infosys assured its employees in an email about the payout that it had managed to remain “relevant” and set the stage for future market share growth in Q2. The performance bonus payout of 80% is the same as in the first quarter, but higher than the 60% to 70% range in previous FY22 quarters. Infosys paid out 60% of variable pay in the March quarter of this year.