Indian IT giant Infosys has cut back on variable pay second time in a row in this financial year.
Individual payout percentages will differ based on individual performance and contribution for the quarter.”
Business Today had reported earlier this month that the company had announced 60 per cent variable pay for employees in the J4, J5, and J6 bands as per an internal communication.
Infosys declared a net profit of Rs 6,021 crore for the September 2022 quarter, marking a growth of 11.1 per cent as compared with Rs 5,421 crore in the September 2021 quarter.
Infosys has been cutting back on variable pay since the past few quarters.
Not just Infosys, but other IT/ ITeS companies like TCS and Wipro are also cutting back on variable pay because of pressure on margins.
Source: BusinessToday
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