BENGALURU: IT services firm Infosys has reduced its average variable payout for the March quarter to 60%. However, the exact payout for each employee is said to differ according to respective grades and departments.
Many employees received their quarterly bonus notifications on Thursday. The IT giant in Q1FY23 had lowered the variable payout to 70%, and again 65% in Q2.
Its rival Wipro, which paid 100% variable pay to its employees in Q2, had offered 87% of the variable pay for Q3 ending December 2022 for bands A to B3 across all units.
Recently at the Q4 earnings conference, Wipro said its employees will be getting an 80% variable payout. Variable payouts are being slashed as all major IT firms have been facing volatile markets, uncertain macroeconomic challenges, and the impact of the global banking crisis. It posted a 7.7% rise in its consolidated net profit for Q4 at `6,128 crore.