Infosys withholds pay hikes for employees below senior management level: Report

IT giant Infosys has deferred pay hikes for employees below the senior management level, reported Money control. Infosys usually rolls out its appraisal from April.

Multiple employees in the know have confirmed to Money control that they have not received their pay raises that used to come in the June quarter (Q1). The employees are also in the dark regarding when the raise will be delivered.

As per the report, no intimation is given to the senior management employees too, who generally receive their pay hikes in July.

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During the pandemic year of 2020, Infosys had skipped pay hike due to cash conservation. It later rolled out hikes in January 2021. In the final quarter of FY23, the company reduced the variable payout on an average to 60% across the organisation.

This, comes as another indicator of the stressful macro economic conditions that companies are in.