Recent news from Wipro revealed that FY23 yearly increments, also known as merit wage rises (MSI), will be distributed by the end of March 31. This affects nearly all of its staff, around 96%.
According to a company email, Wipro shall begin awarding annual raises to qualified staff members in the month of September. According to the company statement, employees would get letters from their supervisors detailing the raises in the following weeks.
“Despite financial pressures in the last quarter, we have ensured a substantially wider coverage and market-aligned salary increase,” as per the CHRO email, Saurabh Govil. “You will receive your MSI letter from your manager over the next few days. The salary increases in this cycle cover about 96% of all Wiproites based on performance and meeting eligibility criteria.”
A trustworthy source says that four percent of current staff members are out on extended leave or sabbaticals. The information source also mentioned that many workers could get bonuses added to their September paychecks.
While last year’s compensation increase for Wipro’s C1 band and over (managers and above) started in June, this year’s increase started in September for everyone.
Wipro, the fourth largest IT services provider in India, opted to withhold variable pay out of its middle & top executives for the quarter ending in June because of pressure on operational margins.
The company announced in an internal email in August that managers & executives would not be eligible for any quarterly variable payouts, while associates in bands A and B (entry-level to the team leader) would get 70% of the targeted variable pay for the quarter subject to a billability level.
As reported by its CEO and MD, Rajesh Gopinathan, Tata Consultancy Services (TCS) offered a 6%-8% compensation increase to its employees in FY21 and is thinking about doing the same for FY22, with a favorable slant for performance. In most years, TCS’s annual increment releases start in April.
Salil Parekh, CEO of Infosys, has announced recently that the Bengaluru-based company will begin implementing raises in April.
Wipro has recently made headlines for an entirely different reason. The corporation maintains its stance against moonlighting along with TCS, Infosys, and other large Indian technology firms.