Infosys to give an average of 60% of variable: Read letter to employees

Infosys has reportedly given an average of 60% variable pay for the fourth quarter of the fiscal year 2022-23. According to a report in Economic Times (ET), India’s second-largest IT services company has informed the same to employees in an email. The letter cites volatile markets and uncertainties witnessed during the quarter. This is likely the lowest average variable announced by the company in FY2023. Infosys had rolled out 70% variable pay during the first quarter of FY23 and 65% in the second quarter.

The fall in variable comes in backdrop of slowest revenue growth reported by the company in six years of 4-7% for FY2024. Infosys has also flagged “ramp-downs” of customer mandates amid an uncertain macro environment in its major markets of US and Europe. The company’s stock price too has been near a 52-week low ever since it announced the fourth quarter results.