Wipro says no change to salary increase plan, hike from September: report

IT services company Wipro said there had been no changes to the salary increase plan and the rise in employees starting in September.

According to a Livemint report, Wipro said it also completed the first round of employee promotions, while declining to comment on the amount of variable pay.

“There is no change from our previous statement on salary increases, and the increases for our employees will be effective from September 1, 2022. We have also completed the first cycle of quarterly increases from September 1, 2022. July 2022. We have no further comment on the variable compensation quantum,” Wipro told Livemint.

The IT services company’s response came after news reports said variable pay for employees in some groups was being affected due to margin pressures.

For the first quarter ended June 2022, Wipro reported a year-over-year decline of approximately 21% in consolidated net profit to ₹2,563.6 crore.

The result for the period (attributable to the shareholders of the company) amounts to ₹3,242.6 crore a year ago, according to a report by news agency PTI.

For the upcoming September quarter, Wipro expects revenue from the IT services business to be between $2,817 million and $2,872 million.

(With contributions from the agency)