Bengaluru-based IT company Wipro will be awarding annual increments to eligible employees for the financial year ending 2022 in their September salary. The homegrown IT company is expected to cover 96 per cent of its employees.
The internal mail, which was sent by Saurabh Govil, Chief Human Resource Officer of Wipro, reads: “Despite financial pressures in the last quarter, we have ensured a substantially wider coverage and market-aligned salary increase.”
It further added that “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.”
The remaining 4 per cent of employees could be those who are either on extended leaves or sabbaticals and the rest of the employees would receive hikes along with September’s monthly salary, The Economic Times reported.
Employees, who are above the C1 band – managers and above – have already received pay hikes effective June last year, however, this year employees have been awarded only effective September.
Earlier, Wipro had decided to hold back variable pay to its mid and senior-level executives for the quarter that ended in June. On the other hand, fresher and junior-level staff will get variable pay after a 30 per cent cut. The IT company, in an email, stated that the variable pay cut is happening due to operating margin pressure.
It is said that Wipro sent an email to its C band and senior employees stating that they would not receive any variable payouts. The email, though, mentioned that employees in A and B bands would receive 70 per cent of the target payout by the end of August.
In the same email, Wipro also stated that there would be no change in the salary hike and the increment will be effective from September 1.