Infosys to give 80% variable pay, here’s HR’s email to employees – Times of India

Infosys Sent an email employees about their quarterly performance bonus. The Bengaluru-based company issues the September quarter (July-September) performance bonus Average 80% for eligible employees pay this month
According to a report by the Economic Times (ET), the company engineering teamThe HR head has sent an email regarding the same to the employees. ET is said to have seen the internal communication. Employees at level 6 (PL6-Manager) and below the bar – meaning the entry level below the manager category – will receiveVariable pay. While the average payout will be 80%, individual payouts are likely to vary based on the employee's performance and contribution during the quarter.
The Bengaluru-based IT giant, which froze salary hikes in FY23 to conserve cash, has started its annual appraisal cycle from October. At Infosys, the annual appraisal cycle starts from October and ends in September of the following financial year and the company usually publishes employee ratings by January and issues salary increment letters to employees in June.
What the HR Email Says
“This is to inform everyone that the quarterly performance bonus payment for Q2FY2024 will be made to all eligible employees on the November 2023 payroll,” it said. “Dear Infoscion, We were able to remain relevant and build a solid foundation for future market share expansion in Q2 despite a challenging environment… You play a critical role in the success of our organization and we look forward to an optimistic quarter.” Forward with you,” said the letter announcing the payment.
Unit supply managers will finalize pay distributions for their respective units and notify eligible employees this week, the email added.
Variable pay is the same as last quarter
The 80% payout is the same as that paid in the first quarter, but higher than the previous quarters in FY22, when payouts ranged from 60%-70%. In the quarter ended March this year, Infosys paid 60% as variable remuneration.
“We delivered a solid performance in the first quarter, which lays a solid foundation for future expansion. We are committed to helping businesses accelerate their digital journey and meet customer needs,” the HR team said in a letter sent to employees last quarter.