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Bengaluru-based IT company Infosys has announced a quarterly performance bonus for eligible employees for the July-September quarter. The company will give an average payout bonus of 80% this month. The average payout is 80% of variable pay, but individual payouts will vary based on quarterly performance and contributions. Only position level 6 or PL6-Manager and below employees will be given variable pay. This amount will be credited in November salary.
The company paid the same average variable salary in the June 2023 quarter as well. While Infosys employees received 60% average variable pay for the January-March 2023 quarter and 70% average variable pay for the June 2022 quarter. Company employees are very happy with this news. Let us tell you that recently Infosys has asked its employees to work from the 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 reported sluggish revenue growth in the September quarter.
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This is how bonus performance will be determined
According to an ET report, the unit delivery managers will decide the payments for their respective units. They will notify eligible employees this week. Let us tell you that the company has stopped the salary increase in the financial year 2022-23. However, it started its annual evaluation cycle from October. The 80% payout is similar to the Q1 payout, but higher than the previous quarter of FY 2021-22. Then this payout was 60% to 70%.
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Announcement of employee rating by January
Infosys CFO Nilanjan Roy said the company will start the salary hike from November 1. The company will raise wages for all below senior management in April and above in July. The annual evaluation cycle of Infosys starts in October and ends in September of the next financial year. The company releases employee ratings by January. Issued pay increment letter in June.