Wipro Share Price: It was said by the company that Wipro will give 100% variable pay to its team leader level employees in the second quarter of the current financial year.
Variable Pay: IT sector giant Wipro (Wipro) is in the news once again after 300 employees were fired. There was also a protest against the removal of employees from Wipro and the company’s shares also saw a big fall. But the company had justified its move. Now the company has announced great news for its employees. On behalf of the company, it was said that Wipro will give 100% variable pay (100% variable pay) to its team leader level employees in the second quarter of the current financial year.
The variable pay will come with the salary of November,
it was said by the company that the variable pay will be disclosed with the November salary of the employees. In the internal e-mail sent to the employees on behalf of the company management, it was said that it is related to the employees working in band A to B3 working in all units/functions and some employees working in high band.
Benefit to the employees of this band
It was also said by the company that the employees from A to B3 band will be released on variable pay for the quarter ended in September. According to Wipro, the rest of the employees will get reward according to the achievement of the unit. As per the business policy, 93.5% of the variable pay is based on performance. The company also said that the pay-out is based on the achievement of the unit/function target. If the unit target is met, then the employees will get a higher pay-out.
Revenue grew by more than 5 percent
In the second quarter of the financial year 2023, the company’s revenue has increased by more than 5 percent to Rs 22,362.9 crore. In the same period earlier, this figure was Rs 21,285 crore. Wipro’s IT services revenue grew 2.3% to $2,797.7 million compared to the previous quarter. Its margin in the second quarter of the current financial year was 15.11% as against 15% in the first quarter.
Let us tell you that earlier in October, Wipro had fired 300 such employees, who were working in two places. After this move of the company, there was a huge fall in the stock of Wipro. After this the company had to face a lot of criticism.
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