Wipro To Pay 100% Variable Salary To 85% Employees For Q2; Will Be Released With The November Payroll
November, 6, 2022: For the second quarter of fiscal 2023, Wipro Limited will pay 100 percent of variable pay to all employees whose pay-out is linked to the company’s overall performance.
It owns about 85 percent of the company, a spokesperson for the IT major said in a statement. In a big cheer for Wipro employees, the IT major is set to give 100 per cent hike for bands A to B3 for the September-ended quarter.
Wipro reported a 14.6 percent jump in its second Q2 revenue to Rs. 22,540 crores. Variable pay handout will be done at fresher and team leader level.
On the other hand, the rest of the employees will get payout based on their unit’s target achievement. “Variable pay comes to 93.5% as per company policy performance.
However, we have decided to announce a higher company multiple of 1.07 to reflect the progress we have made towards improving our performance,” said an internal mail from Wipro to employees.
“With this multiplier, the payout will be for all those whose pay is linked to the overall performance of the company,” read the mail seen by the Economic Times.
When will employees get variable pay? Employees will see variable pay in their November paychecks, Internal Mail said, adding that a minimum utilization level of 50 percent is required for billable and DOP (digital operations and platform) employees to be eligible for the payment.
“We will continue to invest in our people and their growth. For the second quarter of fiscal 2023, Wipro will pay 100 percent of variable pay to all employees whose pay-out is linked to the company’s overall performance.
It holds about 85 percent of the company,” a Wipro spokesperson said in a statement. This reflects well that Wipro chief executive Thierry Delaporte said during the post-Q2 results conference call that 85 percent of the company’s staff will be given variable payouts.
Besides announcing variable pay, the Bengaluru-based company has promoted 16,000 employees internally so far this year.
Wipro shifted gears in the promotion period for employees as it shifted from an annual cycle to a quarterly promotion cycle from July this year. The move was aimed at combating the rising attrition rate.
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