This IT Firm Slits Average Variable Pay to 60% For Q4FY23: Due to the decline of macro-economic conditions the companies are performing a recession in the employee’s perks. Infosys, one of the top IT companies in India headquartered in Bangalore has planned to reduce the average variable pay of employees to 60% for quarter 4 in FY23.
According to the report, the pay will be given to the employees in the month of May along with the salary. The employee’s final variable pay will also depend on their unit or department’s guidelines and it will be varies depending on the department & pay grades. Previously, the company has given 70% of variable pay to its employees in Q1FY23 and it was reduced to 65% in Q2FY23.
It would affect the employees who are getting variable pay on their units. The company states in an email to employees that they should remain committed to going through the changing business. The email also states that the FY23 was strong and considering the separate quarters it was impacted by a volatile market and unforeseen events.