Infosys Announces Revised Salaries, Average Pay Hike Below 10%
Infosys has kicked off the holiday season with an unexpected announcement of salary increases for a sizable portion of its workforce. Unlike the industry norm, the IT behemoth has chosen to implement these salary increases on 1 November 2023, rather than the traditional 1 April start date.
This revision, however, excludes entry-level employees, and the reported average increase is expected to be less than 10 per cent.
As per media reports, the official statement said, "We are pleased to revise your compensation in acknowledgment of your commitment and performance with effect from November 1, 2023."
The fiscal year 2023-24 compensation review recognises and appreciates employees for their exceptional support and contributions in overcoming current challenges and ensuring success across all facets of the business.
According to the reports, the average salary increase is expected to be less than 10 per cent, with increments ranging from the single digits to the low double digits. This move by Infosys is viewed as a strategic initiative aimed at increasing employee morale in the face of industry-related adversity.
The distribution of these salary revision notices coincides with Infosys' highly anticipated 'Stellar Saturday Culture Carnival' event, which is set to take place across multiple company campuses in India on 16 December.
