Infosys has communicated to its workforce through email regarding the forthcoming quarterly performance bonus for the September quarter (July-September). The Bengaluru-based company plans to distribute the performance bonus, with an average payout of 80%, to eligible employees in the current month. According to reports from Economic Times (ET), the HR head of the company’s engineering team conveyed this information in an internal communication seen by ET. Employees positioned at level 6 (PL6-manager) and below, excluding entry-level staff, are expected to receive the variable pay. While the average payout stands at 80%, individual payouts will vary based on individual performance and contributions during the quarter.
Infosys, which had previously frozen salary hikes in FY23 as a measure to conserve cash, initiated its annual appraisal cycle in October. The company’s annual appraisal cycle spans from October to September of the following financial year, with employee ratings typically disclosed by January and pay raise letters released by June.
The communication to employees stated that the quarterly performance bonus for Q2FY2024 will be disbursed in the November 2023 payroll for all eligible employees. The email expressed appreciation for employees’ contributions in navigating a challenging environment and building a solid foundation for future market share expansion.
Unit delivery managers are tasked with finalizing the distribution of the payout for their respective units and informing eligible employees within the current week. The 80% payout mirrors the first quarter but surpasses payouts in previous quarters of FY22, which ranged from 60% to 70%. In the quarter ending March of the current year, Infosys reportedly paid out 60% as variable pay.
An email from the Human Resources team in the previous quarter acknowledged Infosys’ strong performance and commitment to aiding businesses in accelerating their digital journeys and meeting emerging client requirements.
