Wipro Says No Change In Salary Increase Plan, Hike Effective From September 1: Report
Wipro witnessed a low margin of 15 per cent in the June end quarter against 18.8 per cent in the same period last year
Software services firm Wipro has not planned any change in the salary increase and the salary hikes for its employees will be effective from September 1. Informing that it has completed the first cycle of quarterly promotion, the IT major told Mint in an email response, "There is no change to our earlier statement on salary increase, and hikes for our employees will be effective from September 1, 2022. We have also completed the first cycle of quarterly progressions effective July 1, 2022."
The response came amid a new report in Moneycontrol that the company was pausing its variable payouts for employees of certain bands for the April-June quarter. However, the IT company didn’t clarify to Mint on the variable pay for its employees. "We have no further comments on the quantum of variable pay," the statement added.
The Bengaluru-headquartered IT firm witnessed a low margin of 15 per cent in the June end quarter against 18.8 per cent in the same period last year.
Earlier, the company had said new employee promotions will rolled out starting July this year. The company had then added it would be offering quarterly promotions to its top performers up to mid-management level employees.
The company told the publication that it would "roll out several promotions for its employees, starting July. Going forward, the company has decided to offer quarterly promotions to its top performers, up to the mid-management level. Wipro is expected to roll out hikes in September."
Wipro gives variable pay to its employees every quarter. For its employees in bands A, B, and Rainbow, the variable pay depends on their quarterly billable days.
For those in bands B and C or above, the variable pay depends upon the company's financial parameters, reported Money Control.
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