GOOD NEWS FOR INFOSYS EMPLOYEES! COMPANY MAKES BIG ANNOUNCEMENT ON SALARY HIKE, PROMOTIONS, SPECIAL BONUS AND LOTS MORE 

India's second largest IT major company, Infosys announced that it is all set to roll out salary increases and promotions across all levels which will be effective from January 1, 2021. Currently, Infosys has over 2.40 lakh employees as of September end.  

In its announcement, Infosys stated that they are giving 100 percent variable pay along with a special incentive for Q2. The renowned company made this announcement while declaring its quarterly results.

“The strength and resilience of Infosys was fully visible in Q2 with operating metrics witnessing a healthy increase, broad-based growth, highest ever large deal TCV at $ 3.15 billion and attrition reducing to single digits," said Chief Operating Officer (COO) Pravin Rao.

“Employees have been a critical part of our success. As a recognition of their stellar performance, we are giving 100 percent variable pay along with a special incentive for Q2. Additionally, we are rolling out salary increases and promotions across all levels effective Jan 1st," he added. 

Looking at the September quarter, voluntary attrition for IT services declined to 7.8 percent from 18.3 percent of the previous year, Infosys confirmed. This big announcement from Infosys comes days after TCS had declared salary hikes for its employees that will be rolled out effective October 1.

Meanwhile, taking a look into September-quarter profit, Infosys Ltd, reported a 20.6 percent rise that has helped by growth in client demand for its new-age digital services such as cloud, data and analytics during the pandemic.

With this big rise, Infosys's consolidated net profit climbed to ₹4,845 crore from ₹4,019 crore a year earlier while revenue rose to ₹24,570 crore from ₹22,629 crore in the quarter with operating margin at 25.4 percent, as per LiveMint report.

“Our second quarter performance is a clear reflection of our ability to help clients on their digital transformation journeys. Our digital and cloud capabilities combined with intense client relevance are helping us achieve differentiated results in the market as is visible in 2.2 percent year on year overall revenue growth and 25.4 percent growth from digital offerings, which now are at 47.3 percent of revenues," said CEO and MD Salil Parekh. 

Also, in the September quarter, digital contributed to 47.3 percent of revenues, which became another added advantage. “Increase in revenue and margin outlook for FY 21 is due to the continued trust clients have in us. I am extremely proud of our team for achieving these results in challenging business conditions globally," Parekh added.

Among all the good and big news, Infosys also declared an interim dividend of ₹12 per equity share and fixed October 26, 2020 as record date for interim dividend and November 11, 2020 as payment date, LiveMint further reported.