Wipro Announces Salary Raises For Top Performing Employees, Effective Sep 2024: Report

The average raise for almost 75 per cent of Wipro’s 200,000 offshore employees ranges near 8 per cent, whereas the workforce stationed at client sites are set to receive an increase of 3 per cent

The tech giant’s employee costs for the 2023-24 fiscal year stood at Rs 549 billion, making up for 61 per cent of the full year revenue of $10.8 billion.

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Wipro announced a salary raise for its top performing employees starting September 2024, media reports said. The Indian IT major said that some of its employees who have fared well will receive an average salary hike of 8 per cent.

Comparatively, the firm announced an increase in the wages for its high performing employees of nearly 6 per cent last year, reported Mint. This helped improve the salary structure for the company’s offshore employees.

Notably, the technology sector has been witnessing a slowdown globally as clients cut down on IT spending owing to economic uncertainties. Recently, Tata Consultancy Services also announced a salary hike in double-digits for its best performing employees, while others were awarded an increase ranging from 4.5 per cent to 7 per cent starting April 1, 2024.

The average raise for almost 75 per cent of Wipro’s 200,000 offshore employees ranges near 8 per cent, whereas the workforce stationed at client sites are set to receive an increase of 3 per cent. These revised salaries will come into effect from September 1, 2024, the report noted. 

The report quoted an internal email sent by Saurabh Govil, the company’s chief human resources officer, wherein, the executive assured the staff that these hikes would be reflected in their payrolls from October in addition to the arrears for September.

Notably, there have been changes in the leadership at Wipro with Srinivas Pallia assuming the position of CEO in April 2024. The Indian IT industry witnessed its slowest growth last year, moving ahead at just 3.8 per cent and is valued at $254 billion.

The tech giant’s employee costs for the 2023-24 fiscal year stood at Rs 549 billion, making up for 61 per cent of the full year revenue of $10.8 billion. The firm is also expected to increase hiring, specifically from campuses and aims to bring in 10,000 freshers by March 2025.