Infosys employees can expect annual salary increment letters by the end of March
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Infosys, the second-largest IT services company in India, has revealed its intention to provide annual compensation revision letters to its employees by the end of March. This announcement was made during a town hall meeting at the Infosys campus in Bengaluru and is based on feedback from delivery units and performance assessments, as reported by the Economic Times.
According to the same report, employees at Job Level 5 (JL5) and below, which includes roles such as software engineers, senior engineers, system engineers, and consultants, will receive salary increases starting January 1, 2024.
In contrast, employees at Job Level 6 (JL6) and above, including managers, senior managers, delivery managers, and senior delivery managers (excluding vice presidents), will see their revised salaries take effect from April 1, 2024.
Managers have already shared individual performance ratings with employees. These ratings, in conjunction with performance evaluations, will play a crucial role in determining the percentage increase for each staff member.
The company will roll out the salary hikes in two phases: the first phase will begin on January 1, 2024, for employees at Job Level 5 (JL5) and below, while the second phase will start on April 1, 2024, for those at Job Level 6 (JL6) and above.
In terms of compensation trends, Infosys had last revised salaries in November 2023 after a freeze in FY2022, which was implemented to save cash. The most recent appraisal cycle commenced in October 2023, with salary revision letters distributed in December 2023 for the performance period spanning from September 2022 to October 2023.
For this year, salary hikes for Indian employees are anticipated to be between 6% and 8%, whereas employees based overseas are expected to see modest increases in the low single digits. High-performing employees will receive larger increments, as stated by Chief Financial Officer Jayesh Sanghrajka during a recent earnings announcement.
Additionally, the salary hikes for employees at JL6 and above will be linked to the company’s revenue performance. Infosys reported stronger-than-expected financial results for the October to December 2023 period, showing an 11.4% increase in net profit and a 7.6% rise in revenue compared to the previous year.
