Narayana Murthy's Infosys rolls out annual salary hikes for employees, top performers get...

The wait is finally over for Infosys employees, as the IT major has started implementing annual salary hikes from February 24. The salary hikes ranged from 5 to 8 per cent, Moneycontrol reported quoting sources. However, exceptional performers received salary hikes of about 10-12 per cent. Infosys is India's second-largest IT services company with a market cap of Rs 7.32 lakh crore. Employees in bands JL5 and JL6 are eligible for the salary revision. Those in Job Level 5, including team leaders and lower positions, will receive the pay hike retroactively from January 1, 2024. On the other hand, employees at Job Level 6, who are managers below the vice president level, will get their revised salaries starting from April 1, 2024.

Infosys salary hike

The Bengaluru-based company classifies performance into four categories: outstanding, commendable, met expectations, and needs improvement. Those who "met expectations" received a salary increase of 5-7%, while employees with "commendable performance" got a hike of 7-10%. A smaller group of "outstanding performers" saw increments ranging from 10-20%. However, employees rated under the "needs improvement" category did not receive any salary hike.

The company also announced a reduction in performance-based bonuses last week, following a similar downward trend. Infosys employs over 3.23 lakh professionals and last implemented salary hikes in November 2023.

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