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<\/p>\nTwo top IT majors have deferred salary hikes for employees amid the ongoing slowdown in the sector as clients are cutting discretionary spending.<\/p>\n
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Infosys has reportedly decided to defer salary hikes for all its employees below the senior management level that are otherwise rolled out from April every year.<\/p>\n
According to a Moneycontrol report, multiple employees have confirmed that they have not received their pay hike due for the June quarter.<\/p>\n
The report further stated that they have also received no intimation on the delay or when they are likely to receive their pay increases.<\/p>\n
Infosys typically rolls out hikes for its senior management in July, but so far, they have not received any communication on the matter, the report said.<\/p>\n
HCLTech, too, has deferred salary hikes for their employees by one quarter.<\/p>\n
“In the past couple of years, the hiring that we have done and the compensation revision that we have done…we have taken that into consideration and taken a decision to defer our annual salary review by a quarter,” said Ramachandran Sundararajan, chief people officer, HCLTech.<\/p>\n
On the contrary, Tata Consultancy Services (TCS), India’s largest IT services firm, has gone ahead and rolled out its annual salary increase with effect from April 1, 2023, taking a 200-basis point hit on its operating margins.<\/p>\n
TCS has rolled out an average hike of 6-8 per cent, while high performers and exceptional performers have received hikes in the range of 8-10 per cent and 12-15 per cent, respectively.<\/p>\n