Wipro announces 100% variable pay for employees in second quarter

time:2023-11-29 22:27:39 source:Make greed and fool the net author:science
Wipro, an Indian tech company, would provide 100% variable pay to team leader levels in the second quarter of current fiscal year. The company said the variable compensation will also be disclosed with the November paycheck.  "For Bands A to B3 in all units/functions, the pay-out is linked to company-level performance and a few other colleagues in higher bands," according to an Internal mail to its employees. (Also Read: Elon Musk Twitter takeover: Major automakers turn against the Tesla CEO, halt ads)  The company also stated that bands A to B3 will get variable compensation for the quarter that ended in September. The remaining employees, according to Wipro, will receive their reward in accordance with the achievement of the unit's goal.According to business policy, 93.5% of the variable pay is based on performance.  "For all others, the pay-out is based on their unit/function target achievement as per policy. And will receive a higher pay-out if they have exceeded their unit’s target or lower if not," it added. The company’s revenue grew by over 5 per cent to Rs 22,362.9 crore in Q2FY23 as compared to Rs 21,285 crore in the previous quarter of the same year. In comparison to the previous quarter, Wipro's IT Services Segment Revenue increased by 2.3% to $2,797.7 million. While maintaining stability, its margins in the second quarter of the current fiscal year were 15.11% as opposed to 15% in the first quarter.

Wipro announces 100% variable pay for employees in second quarter


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