Salaries of some HCLTech employees may be reduced as company changes pay policy
The new changes were made considering the state of the COVID-19 outbreak in India and globally
Some employees at the Indian IT firm HCLTech may face a reduction in overall compensation as the company has decided to revise the Engagement Performance Bonus policy, which is a part of the workers' variable pay.
While HCLTech's net profit rose to 11 per cent YoY in Q42023 ended on March 31, the company's move to reduce variable pay comes as most tech firms globally are laying off employees to manage their expenses under challenging macroeconomic conditions.
HCLTech has also revised the EPB policy, and going forward, eligible employees will receive EPB quarterly.
HCLTech also clarified changes to the publication. In a statement, a spokesperson said that the IT company paid 100 per cent EPB to eligible employees to support them during the COVID-19 pandemic.
The new changes were made considering the state of the COVID-19 outbreak in India and globally. The full statement reads:
