Wipro says no changes in salary increase plan for employees
Wipro had earlier said that new employee promotions were rolling out starting from July this year
Software services firm Wipro has stated that it has not planned any change in the salary increase and that the pay hikes for its employees will be effective from September 1.
The IT major also informed that the first cycle of its quarterly promotions had been completed.
"There is no change to our earlier statement on salary increase, and hikes for our employees will be effective from September 1, 2022. We have also completed the first cycle of quarterly progressions effective July 1, 2022," Wipro told Mint.
According to the report, employees in Band C (mid-manager level) and above will also not be given variable compensation.
It said that incentives for people in sales roles have also been impacted. However, the company, in its official statement, said, "We have no further comments on the quantum of variable pay."
Wipro gives variable pay on a quarterly basis. The company sets the variable pay for employees in Bands A, B, and Rainbow (trainees) on the employee's billable days for the quarter.
Variable compensation is based on the financial parameters of the organisation for Band C and higher.
Wipro had earlier said that new employee promotions were rolling out starting from July this year.
The report added that the company would be offering quarterly promotions to its top performers up to mid-management level employees.