Employees at Wipro, the IT sector's behemoth, are in for some good news. The IT behemoth has announced a wage increase for around 80% of its staff, which will take effect on September 1, 2021.
According to a statement, the company will begin merit compensation increases for all qualified employees up to Band B3 (Assistant Manager and below) on September 1, 2021. It also announced that from June 1, all qualified employees above band C1 (managers and above) will receive wage raises.
"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.
Shares of the Wipro were trading at Rs 541, down 1.55% on NSE at 1.18 pm IST. It touched an intra-day low of Rs 535.20 during the trade.
As previously announced, all qualified employees above band C1 will get wage increases beginning June 1.
The company said "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."
Average Salary for Wipro Employees in India
Wipro employees are divided into five bands (A-E), with sub-rankings within each band depending on job experience. Employees in the B3 band (juniors) make up the majority of Wipro's over 1.97 lakh workforce.
Wipro employees earn an average of 19.6 lakhs per year. Based on 3880 profiles, Wipro employees earn an average of 19.6 lakhs, with the majority earning between 5.0 lakhs and 50.0 lakhs.
Wipro Limited is a global Indian organisation that provides information technology, consulting, and business process outsourcing. Its headquarters are located in Bangalore, Karnataka, India.
Wipro separated its non-IT businesses in 2013, forming the privately held Wipro Enterprises. Due to the COVID epidemic, Wipro has changed to a Work from Anywhere model since March 2020, allowing workers to work from anywhere in the globe excluding Wipro corporate premises.