Wipro announces 100% variable pay for its employees Companies News

New Delhi: Indian tech company Wipro has announced to release 100% variable pay to team leader levels for Q2 for this fiscal year. The company said the variable pay will be released along with the November salary.

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“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.

The company further added that the variable pay will be given for bands A to B3 for the September-ended quarter. However, Wipro said the rest of the employees will get the payout based on their unit’s target achievement. “The variable pay as per company policy performance comes to 93.5%.

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“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.

Wipro Q2 Result/FY23

The company’s revenue grew by over 5 percent to Rs 22,362.9 crore in Q2FY23 as compared to Rs 21,285 crore in the previous quarter of the same year.

In dollar terms, Wipro’s IT Services Segment Revenue grew by 2.3 per cent to $2,797.7 million, as against $2735.5 million quarter-on-quarter. While its margins came stable at 15.11 per cent in Q2FY23 as against 15 per cent in the earlier quarter of the current financial year.

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