Bengaluru-based IT company Infosys has announced quarterly performance bonus for eligible employees for the July-September quarter. The company will give an average 80% payout bonus this month.
The average payout of variable pay is 80%, but individual payouts will vary depending on quarterly performance and contribution. Only employees in position level 6 or PL6-Manager and below will be given variable pay. This amount will be credited in the November salary.
The company had paid the same average variable pay in the June 2023 quarter also. Whereas Infosys employees got 60% average variable pay for the January-March 2023 quarter and 70% average variable pay for the June 2022 quarter.
The employees of the company are very happy with this news. Let us tell you that recently Infosys has asked its employees to work from office for at least 10 days every month. Infosys has announced the performance bonus payout at a time when the country’s top IT companies have reported slow revenue growth in the September quarter.
This is how bonus performance will be decided
According to the ET report, unit delivery managers will decide the payout for their respective units. They will notify eligible employees this week. Let us tell you that the company had stopped the increase in salary in the financial year 2022-23. However, it started its Annual Appraisal Cycle from October. The 80% payout is similar to the Q1 payout, but higher than previous quarters in FY 2021-22. Then this payout was 60% to 70%.
Disclosure of employee ratings by January
Infosys CFO Nilanjan Roy had said that the company will start its salary hike from November 1. The company will increase salaries for all people below senior management in April and for those above in July. Infosys’ annual appraisal cycle begins in October and ends in September of the next financial year. The company discloses employee ratings by January. Issues salary hike letter in June.