After Tata Consultancy Services (TCS), Infosys, India’s second-largest IT company also announced something. It has decided to offer a salary increment to its employees. The company will implement increased pay and promotions for some employees from January 1, 2022. It will be the financial year’s third quarter for this Bengaluru-based company. U B Pravin Rao said, “The amount of increase will be the same as what we did last year.” He is the chief operating officer of Infosys. In FY20, the mean wage increase for Infosys’ employees in India was around 6%. While this increase was 1%-1.5% for overseas located employees.
More About the Announcement By Infosys:
Just after the outbreak of the Covid-19 pandemic, Indian IT companies like TCS, Wipro, and Infosys made a move. They decided to halt the salary hike as a cautionary move. Although, pandemic in return improved performance and promoted better visibility. Now, this situation has prompted many of these companies to have a relook at their decision.
The tech giant, TCS decided and announced the salary for all its employees raise last week. TCS said this increment would be effective from October 1. This will be the beginning of the third quarter of the financial year for the company. The chief human resource officer of the TCS, Milind Lakkad had made a statement. “The salary increase will be across all bands of employees and it (the quantum) will be similar to what we had done in the past,” he had said.
Wipro on Tuesday while announcing its earnings in the second-quarter also reacted to this. It’s considering to offer increment to junior employees hired through campus recruitment programs. It said based on eligibility, 80% of employees would also be considered for promotions.
In this September quarter, Infosys experienced its annualized attrition rate of employees changing. Dropping to a low of 7.8 percent, compared with 11.7 percent in quarter one, and 18.3 percent a year ago. The company said that the IT sector is emerging from the devastating Coid-19 pandemic. This is a great deal as the times were testing as many people suffered. So, this great news brought smiles to the faces of many of the employees who were happier than ever.
As for employment, the company will hire about 16,500 people this year and around 15,000 the year next. This is a great number and also, the increase in the salary from January is another great news. Now, we can hope that gradually the whole country will recover from the pandemic.