Infosys cuts variable pay of its employees to 60%

As IT sector bears the brunt of the global slowdown, tech major Infosys has slashed its employees' average variable payout for Q4 FY23 to 60% at an organisation level.

According to a report by Money control, the payout will be given along with the salary for May and the final payout will depend on each employee's unit or department's guidelines.

In its internal email, Infosys noted that the company had an overall strong performance in FY23 but also mentioned the market volatility and unexpected events of the recent quarter.

As per the email sent to employees by the company, the exact payout for each employee is subject to their respective department's guidelines and is expected to fluctuate based on pay grades and departments.

This is not the first time Infosys has slashed the variable pay. In Q1 FY23, Infosys also had lowered variable payout to 70% and to 65% in Q2.