Wipro implements merit salary increase effective September 1, just nine months after the last cycle.
Wipro has announced salary increments from September 1, Chief Executive Officer Srinivas Pallia has said. The company said it was able to increase its operating margin in the September 2024 quarter despite the salary hikes.
Read More: Wipro Q2 results: Net profit jumps 21% to Rs 3,209 crore
“We implemented merit salary increase effective September 1, just nine months after the last cycle,” said Pallia during post-Q2FY25 results press conference.
The total number of Wipro’s employees currently is 2,33,889.
Wipro on Thursday reported a 21 per cent jump in its net profit to Rs 3,209 crore for the September 2024 quarter, on the back of higher spending by its clients in the US communications sector. It is above market expectations. Its revenue during July-September 2024 rose 1 per cent to Rs 22,300 crore.
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However, Infosys, which also declared its Q2 results on Thursday, deferred its wage hikes to the third quarter (Q3) amid a tepid demand environment.
While TCS rolled out hikes in Q2, HCLTech said it will implement a 7 per cent salary hike from October, with top performers set to receive raises of up to 12-15 percent.
Meanwhile, HCL Technologies has given a salary hike of 7 per cent to its employees. The pay increment, which will be effective October 2024, for top performers is up to 12-15 per cent, Chief People Officer Ramachandran Sundararajan has said.
The salary hikes will have a minimal impact on HCL’s operating margins in the December 2024 quarter as the company will take efficiency steps to offset the impact, said Sundararajan.
The number of employees eligible for the hike will depend upon the company’s review cycle and the proportion of lateral hires who become eligible after completing a year of service.
