Infosys employees will get 65% of variable pay for the July-September quarter. According to the internal mail roll out to the employees, the firm will give variable pay in the November pay cycle to all the eligible employees.
Furthermore, the email also cited that the average payout in an organisation is 65% for Q2. Individual payouts percentage may differ as they are based on individual performance and their contribution for the quarter.
For employees based in the US and Canada, the payroll will be processed along with the second biweekly November payroll.
The July-September quarter’s variable pay percentage was quite lower than the 70% variable pay average it had given to the employees in the April-June quarter.
When asked about why the percentage is low, Infosys answered that the Indian IT industry is staring at an uncertain demand environment with a forthcoming recession in the key market, while also battling a squeeze on margins due to issues of high employee attritions.
Earlier, TCS said that it will give 100% variable pay for 70% of its employees for the quarter. And the rest of the employees will get variable pay based on their performance.
On the other hand, Wipro also gave 100% variable pay for the July-September quarter only to the team leader levels.
Previously, Infosys has given out 60% of variable pay for only certain levels of employees in Business Process Management (BPM) for the September quarter end.
Till now the firm has paid out for J4 to J6 levels employees which include system engineers to project manager levels, as per the email rollout to the BPM employees.
Currently, Infosys has 50k BPM employees globally, but most are operating out of India. Further, the firm confirmed that the pay will be given to the employees along with October salaries.