Infosys To Pay 80 Per Cent Performance Bonus For Employees: Report
In an email to employees, Infosys said that the staff will receive the payout in November 2023
Indian IT services firm Infosys has sent an email to its employees saying that the company will roll out the September quarter (Q2) performance bonus to eligible employees at an average of 80 per cent payout this month. As per news reports, the company’s email to staff stated that employees at position level 6 and below band would receive an average payout of 80 per cent as variable pay for Q2FY23-24.
The email stated that the employees will receive the payout in November 2023. “This is to keep you all informed that the quarterly performance bonus payout for Q2FY24 will happen in November 2023 payroll for all eligible employees.”
Infosys in October first week clocked a 3.1 per cent year-on-year (YoY) rise in net profit to Rs 6,215 crore for the September 2023 quarter. The earnings (before minority interest) of the Bengaluru-based company stood at Rs 6,026 crore in the year-ago period. Infosys, which competes in the IT services market with TCS, Wipro, HCL Technologies, and others, saw its revenue rising 6.7 per cent to Rs 38,994 crore for the just-ended September quarter.
Infosys CEO and MD Salil Parekh said, "We had our highest large deals value at $7.7 billion in Q2 spread across all verticals and geographies. This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale.”
The company’s email states, “We delivered a good performance in Q1, setting a robust foundation for future expansion. We remained committed to helping businesses accelerate their digital journeys and catering to emerging client requirements.”
Infosys addressed the weak demand environment in its communication to its employees. “Dear Infoscion, we were able to stay relevant and build a solid foundation for future market share expansions in Q2, despite the challenging environment. You play a pivotal role in the success of our organisation, and we look forward to an optimistic quarter ahead with you,” the email read.
Its Chief Financial Officer (CFO) Nilanjan Roy post-result informed that Infosys is not going to campus for recruitment for the time being. However, Infosys, which hired over 50,000 freshers last year, said that they would honour offers that have been made.
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