Sign of the times: Infosys cuts employees’ variable pay for Q4 FY23 to 60%

In a sign of approaching headwinds, IT firm Infosys has cut the average variable payout at an organisational level to 60 per cent for the fourth quarter of the financial year 2022-23 (FY23), according to a report in The Financial Times.

Infosys had reduced the variable payout to 70 per cent in the first quarter of FY23, which was then lowered to 65 per cent in the second quarter. “The performance bonus payment for delivery and business enabling functions for Q4 FY23 is scheduled to take place in the payroll of May 2023,” Infosys told its employees.

The company said an employee’s final variable payment will be determined by their unit/department guidelines.