WIPRO News: Company executives (C-suite) level managers will get no part of variable pay, while new employees to team leaders will get 70 percent of total variable pay
WIPRO News: Due to pressure on margins, information technology company Wipro Limited (WIPRO Ltd.) has stopped payment of variable pay to employees. Sources have given this information. According to sources, the company has stopped payment of variable pay mainly due to pressure on margins, inefficiency in its talent supply chain talent supply chain and investment in technology. According to the news of PTI, the company (Wipro) has informed the employees about withholding variable pay through an e-mail.
Who will get how much and who will not
According to the news, two sources with knowledge of the development said that the executive (C-suite) level managers of the company will not get any part of the variable-pay stop, while the new employees to the team chief will get any share. You will get 70 percent of the total variable pay. Wipro’s consolidated net profit for the first quarter of the current financial year ended June, 2022, declined by 21 per cent year-on-year to Rs 2,563.6 crore. 3,242.6 crore) on account of Rs.
2,58,574 employees are employed
There were 2,58,574 employees working in Wipro as of June 30, 2022. The IT company said that in the April-June quarter, more than 10,000 employees have joined the company. The company’s attrition rate declined to 23.3 percent. The income of the Bengaluru-based company grew by about 18 percent year-on-year to Rs 21,528.6 crore in the April-June quarter of 2022-23. At the same time, the company expects its earnings to be between $ 2817 million and $ 2872 million for the September quarter.
The brokerage firm had also changed the rating of Wipro
After the company’s results came out last month, many brokerage firms also changed the rating of Wipro. Broking firm Goldman Sachs retained the sell rating in Wipro’s stock. Brokerage house Credit Suisse maintained neutral rating on the stock. JP Morgan gave an underweight rating on the stock of Wipro. Macquarie has outperformed the stock of Wipro.
