The IT company Wipro will be giving annual increments to eligible employees for the financial year ending 2022 in their September salary. It is expected that the IT company will cover 96 per cent of its employees.
The internal mail 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. You will receive your MSI letter from your manager over the next few days, it is further stated. There are 96% of all the Wiproites covered by salary increases based on performance and eligibility criteria. The remaining 4 percent of employees could be those who are on extended leave or sabbaticals and the rest of the employees would get hikes along with September's monthly salary, The Economic Times reported.
Employees who are above C 1 band managers and above have already received pay hikes effective June last year, but this year they have only been awarded effective September.
Wipro had earlier decided to hold back variable pay to its mid and senior executives for the quarter ended in June. Fresher and junior-level staff will get variable pay after a 30 per cent cut. The IT company stated in an email 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 who stated that they would not receive any variable payouts. The email stated 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.