Infosys Announces 80% Variable Pay to Selected Employees
Indian IT giant Infosys has announced that it will pay a variable bonus of 80% to selected employees. The bonus will be paid as a quarterly performance bonus for September. Employees at position level 6 and below, except for entry level, will be eligible for the bonus. This year’s variable pay of 80% is higher than the payouts given last quarter, which ranged between 60% and 70%.
Despite the company stopping campus recruitment, the move has been made. Earlier this year, Infosys CEO and MD Salil Parekh had informed that there may not be campus interviews as the company already has a larger pool of fresh talent. He had also mentioned inefficiencies in the employee pyramid and enough room to tighten utilization to 84-85%.
The company has acknowledged the variable payout in an email to employees. The bonus will be subject to the performance and contributions during the July-September period. The amount of money each employee receives from a payout will be decided by their unit delivery manager, rather than being a set amount for everyone.
The HR email sent to employees read, “This is to keep you all informed that the quarterly performance bonus payout for Q2FY2024 will happen in November 2023 payroll for all eligible employees.” It added that the employees were able “to stay relevant and build a solid foundation for future market share expansions in Q2, despite the challenging environment.” The tech giant also said that it looks forward to “an optimistic quarter ahead” with its employees.
The email further added that unit delivery managers will finalize the distribution of the payout for their respective units and inform the eligible employees this week.
