A significant number of employees at Infosys will see their salaries being hiked with effect from 1 November 2023. However, the increment is expected to be less than 10 per cent, that is, mostly in single digits only. Also, the entry-level employees are likely to not get any hikes, as reported by ET.
While the hike has been delayed by months, it is unexpected at a time when the IT sector has been struggling with falling demand levels. As per the usual practice, Infosys raises salaries for its senior executives in April every year and for the other ranks in July. This time, with the slump in demand and the overall uncertainty is prevailing the increments were delayed.
The workforce strength at Infosys reduced by 7,530 employees, which is more than the previous quarter. It dropped from 3,36,294 in the first quarter to 3,28,764 in the second quarter. Voluntary attrition dipped from 17.3 per cent in the previous quarter to 14.6 per cent.
The IT major postponed the salary increments as the industry has been facing headwinds due to a slowdown in the macroeconomic environment.
On 16 December, the IT firm launched a new development centre in Nagpur. It has reportedly invested more than Rs 230 crore on the same. The facility, spread over about 2,65,000 sq. ft, is located in the Mihan-SEZ in Nagpur, Maharashtra. The employees are expected to enjoy greater flexibility at the facility.
