In a piece of good news to employees of IT services giant Wipro, the company on Friday announced it'll give wage hikes to junior employees, who form 80 per cent of its workforce, from September 1, 2021.
"Wipro Limited will initiate merit salary increases (MSI) for all eligible employees up to Band B3 (assistant manager and below), effective September 1, 2021. In January 2021, the company had announced salary hikes for eligible employees in these bands, who form 80 per cent of the company's workforce - this is the second hike in this calendar year," Wipro said in a statement.
The company has said all eligible employees above band C1 (managers and above) will receive pay hikes effective June 1. The current hikes mark a change in Wipro's strategy as it usually offers salary hikes in June.
Without divulging details regarding the quantum of hikes, Wipro said it'll reward top performers with substantially higher increases. "On average, the increments will be in the high single digits for offshore employees, while it will be in the mid-single digits for onsite employees. The company will reward top performers with substantially higher increases," it said.
Wipro employees are categorised into five bands (A to E), with sub-rankings within each band based on their work experience. Employees up to the B3 band (juniors) account for the biggest share of Wipro's over 1.97 lakh staff.
Wipro had also rolled out promotions for high performers in bands up to B3, effective December 1, 2020. Many IT firms, including Wipro, had deferred annual increments and promotions at the beginning of FY21 due to the pandemic-induced slowdown. These increments were given in the later months.
Meanwhile, Wipro share closed Rs 5.40 or 0.97 per cent down at Rs 553.3 on the National Stock Exchange today.
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