Infosys,on Thursday,announced a wage hike for the current fiscal for its employees in India and abroad,effective July 1,2013. The move coincides with rival Wipros annual hike announcement,which will be effective this month.
The hike given by the IT majors is in single digit,but a steep decline from their heydays. While unveiling the fourth-quarter results,Infosys had not given any clear indication on wage hike for financial year 2013-14,causing a lot of heart burn for employees.
Infosys on Thursday said that the average wage increase for employees based in India will be 8 per cent,while employees based in other geographies,who have not been covered by salary increase in February 2013,can look forward to an average hike of 3 per cent. The global sales team will see an average increase of 8 per cent,effective May 1,2013,the company noted in a statement.
The countrys third-largest IT-services exporter Wipro,announcing the wage hikes,said,Commensurate with industry standards,Wipro has announced an average wage hike of 6-8 per cent for offshore employees and 2-3 per cent for onsite employees,effective June 2013. In line with the practice of rewarding high performers,Wipro has awarded double-digit hikes for these employees.
The $108-billion Indian IT industry for long has enjoyed double digit salary hike,even multiple hikes,but after the 2008 financial crisis,hikes have been in single digits or none at all.
Industry watchers say that while the overall wage hike has dropped to single digits,salaries of freshers,has remained stagnant in the past three to four years. FE
Sebi seeks details of Infy board meeting
NEW DELHI: Market regulator Securities and Exchange Board of India (Sebi) has asked Infosys for information about the board meeting where it announced NR Narayana Murthy as the executive chairman.
On June 1,Infosys board had made the announcement and Sebi had noticed that the price of Infosys scrip rose 2.8 per cent.
Agency reports,quoting sources,said that Sebi may ask for information about who were aware of the development before the meeting. ENS