Wipro says no change in salary increase plan, hike from Sept: Report

According to a report by Livemint, Wipro said it has also completed the first cycle of promotions for the employees, while it declined to comment on the quantum of variable pay.

IT services company Wipro has said there have been no changes in the salary increase plan and hike for employees to be effective from September.

For the first quarter that ended June 2022, Wipro reported about a 21% year-on-year fall in its consolidated net profit to ₹2,563.6 crore. (File photo)

According to a report by Livemint, Wipro said it has also completed the first cycle of promotions for the employees, while it declined to comment on the quantum of variable pay.

"There is no change to our earlier statement on salary increase, and hikes for our employees will be effective from September 1, 2022. We have also completed the first cycle of quarterly progressions effective July 1, 2022. We have no further comments on the quantum of variable pay," Wipro told Livemint.

The IT services company's response came after news reports stated that the variable pay of employees of certain bands was impacted because of margin pressures.

For the first quarter that ended June 2022, Wipro reported about a 21% year-on-year fall in its consolidated net profit to ₹2,563.6 crore.

The profit for the period (attributable to the equity holders of the company) stood at ₹3,242.6 crore in the year-ago period, a report by news agency PTI said.

For the upcoming September quarter, Wipro expects revenue from the IT services business to be in the range of USD 2,817 million to USD 2,872 million.

(With agency inputs)