Infosys, a leading information technology (IT) services company, is set to distribute increment letters to its employees by the end of February. This was stated in a report by MoneyControl.
The anticipated salary increases are expected to range between 5% and 8%.
This development follows the company's earlier announcement of implementing salary hikes in two phases. Junior employees received their increments in January, while the upcoming phase will address the remaining staff.
In comparison, other industry players have adopted varied approaches to compensation adjustments. For instance, Tata Consultancy Services (TCS) initiated its wage hike cycle in April 2024, corresponding with the first quarter. Conversely, companies like Infosys, HCLTech, and LTIMindtree postponed their salary revisions until the third quarter and beyond.
These salary adjustments occur amidst a broader industry context where employees in India are projected to experience an average salary increase of 9.5% in 2024, a slight decrease from the 9.7% actual increase observed in 2023.
The forthcoming increment letters from Infosys are anticipated to provide clarity to employees regarding their revised compensation packages, reflecting the company's commitment to rewarding its workforce.
