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Salary of top performers in Infosys will increase by 20-25 percent

In Infosys, the country’s second-largest IT services, a major chunk of the workforce will see a 10-13 per cent hike in salaries, while top performers will get 20-25 per cent salary gain. The company said that the attrition rate has started coming down and due to this it will try to reduce the cost of wages.

The company plans to control wage costs by increasing utilization levels, reducing lateral hiring and reducing the number of on-site staff. Infosys Krish Shankar, Executive Vice President, Human Resources and Group Head, Human Resources, said that most of the staff have got a 10-13 per cent increase in salary, while the top performers have got 20-25 per cent. The hike in salary will depend on the grade of the employee as senior management with higher salaries gets less hike than the junior staff.

Infosys’ attrition rate, which stood at 28.4 per cent in the first quarter of the current financial year, declined to 27.1 per cent in the second quarter. The company has taken some steps to retain the staff. These include early promotion and starting a separate program for career growth. The company had given around 40,000 promotions in the last financial year. This number may increase this year. Consolidated net profit grew 11.1 per cent to around Rs 6,021 crore in the second quarter. The company’s revenue has increased by about 23.4 percent to Rs 36,538 crore.

The company’s board has given its approval for buyback of shares for Rs 9,300 crore at a price of Rs 1,850 per share. This price is higher than the current share price of the company. Along with this, the board has also announced an interim dividend of Rs 16.50 per share to the shareholders. The buyback of shares will be done through open market. Infosys bought shares worth about Rs 9,200 crore last year as well. buyback had done. The company’s operating margin grew 1.5 percent in the second quarter. The company says that apprehensions about the economic situation remain. However, demand for Infosys remains good. The company has projected revenue growth of 15-16 per cent in the current financial year.

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