Wipro Announces No Change in Salary Increase Plan.
Wipro, a software services company, has said that it does not plan to change the salary and that the raises will take effect from September 1.
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IT major informed that the first cycle for its quarterly promotions was complete. Wipro had stopped variable payments to employees in certain bands during the April-June quarter, this is now confirmed
"Our earlier statement regarding salary increases has not been modified and the hikes for employees will take effect on September 1, 2022. The first quarter of the quarterly progressions has been completed.
The firm did not comment on variable pay for employees. The statement continued, "We have no further comments about the quantum of variable compensation."
Media reports claimed earlier that Wipro, the largest Indian IT company, was holding variable payments for its senior and mid-level employees because of margin pressure
The June quarter ended with a margin of just 15%, compared to 18.8% last year.
Wipro previously stated that new promotions for employees would be starting in July. According to the report, Wipro will offer quarterly promotions to its top performers and mid-management employees.
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According to the Mint, the company would offer several promotions to its employees starting in July. The company will offer quarterly promotions to its top performers up to mid-management.