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Infosys and HCL Tech will implement salary increases this quarter; see dates and other information

<p>IT firms Infosys and HCL Technologies have opted to implement compensation increases after delaying them by a quarter. Infosys will begin implementing compensation revisions in October, whilst HCL plans to begin doing so on November 1.<img decoding=”async” class=”alignnone wp-image-232878″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-bengal-wants-to-raise-academic-standards-in-public-schools-minister-declares-downl.jpg” alt=”theindiaprint.com bengal wants to raise academic standards in public schools minister declares downl” width=”1252″ height=”701″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-bengal-wants-to-raise-academic-standards-in-public-schools-minister-declares-downl.jpg 300w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-bengal-wants-to-raise-academic-standards-in-public-schools-minister-declares-downl-150×84.jpg 150w” sizes=”(max-width: 1252px) 100vw, 1252px” title=”Infosys and HCL Tech will implement salary increases this quarter; see dates and other information 3″></p>
<p>Infosys Wage Increase</p>
<p>Infosys Chief Financial Officer Nilanjan Roy said the business would begin implementing pay increases on November 1 after reporting the company’s financial results on October 12.</p>
<p>In the past, the corporation would announce raises to those in senior management and below in April and to those above in July. There is nothing set in stone, he continued, “because every quarter we look at the environment and what the competition is doing.”</p>
<p>HCL Tech Pay Increases</p>
<p>HCLTech’s Chief People Officer Ramachandran Sundararajan said at the company’s Q2 results call on October 12 that the company would start the wage review process for the fiscal year 2023–2024 after delaying it by more than a quarter.</p>
<p>“We had postponed the wage adjustment by a quarter. We will now proceed with the compensation revision this quarter, starting in October. In FY24, mid- and senior management will not get wage increases. But we will proceed with the salary modification for 90% of our staff, according to Sudararajan.</p>
<p>Regarding variable pay, he said that the majority of workers would get close to 85% of their designated variable pay amount.</p>
<p>“Quarterly variable pay is 3 percent of the employee’s yearly salary. This quarter, all coworkers will get variable quarterly compensation. 85 percent of the variable compensation should go to the bulk of them, he added.</p>
<p>The biggest IT services company in India, TCS, was the first to announce that it has increased salaries for all workers in Q1FY24, with top achievers receiving raises of up to 12–15%.</p>
<p>Tata Consultancy Services (TCS) said on Wednesday that its net profit for the September 2023 quarter increased by 8.73% to Rs 11,342 crore, kicking off the Q2 earnings season. Its income from July to September 2023 increased by 7.92% to Rs 59,692 crore from Rs 55,309 crore the previous year. The business also announced its interim dividend, which is worth Rs 9 per share.</p>
<p>Following TCS, the world’s largest IT company Infosys on Thursday announced an increase in net profit of 3.2% to Rs 6,212 crore for the second quarter ended September 2023. In comparison between July 2022 to September 2023, its revenue climbed 6.7% to Rs 38,994 crore from Rs 36,538 crore.</p>
<p>HCL Tech reported a 9.83% increase in net profit for the second quarter ended September 2023, coming in at Rs 3,832 crore. From July through September 2023, it had an 8.04 percent growth in operating income, from Rs 24,686 crore to Rs 26,672 crore.</p>
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