Indian IT giant Infosys reduced its average variable pay to 73% given to its employees for the third quarter of the current fiscal. However, earlier the company rolled out variable payouts of around 80% for the previous two quarters.
According to Financial Express, the IT giant had reduced its variable pay to 60% for the March quarter of FY23, due to global macroeconomic conditions while the average payout is at 73%, the variable payout ranged between 65% – 105% in Q3.
To boost margins, Infosys had earlier also deferred the salary hikes of their employees for 5 months and later it was rolled out in December 2023.
However, earlier, Infosys Chief Financial Officer (CFO), Nilanjan Roy said, “We are pleased to revise your compensation in acknowledgment of your commitment and performance with effect from November 1, 2023.”
Recently, Karnataka BJP MLA Arvind Bellad said in a post on social media and said, “Betrayal at its finest! @Infosys promised jobs, but all we got were empty promises and trees. Infosys Hubli was granted 58 acres of land which is in my constituency with the aim of fostering employment for the entire North Karnataka region, yet it has failed to deliver on job creation..”
“As a representative, I can’t face the farmers I pacified anymore. It’s time for Infosys to face the consequences and for the government to reclaim the land that’s rightfully ours.”, he added.
Moreover, According to Q3FY24 announcements, Infosys’ headcount crashed by 6,101 in Q3FY24. The Total number of employees in the Q3 ended on Dec 31, 2023, stood at 322,663.
Additionally, the company has said it won’t force employees to Return to Office but the company has implemented a roster system to ensure adequate seating capacity.
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