Infosys Announced Salary Hike, Promotion Will Also Happen

Infosys Announced Salary Hike, Good news for 2.4 lakh employees of Infosys, company announced salary hike, the promotion will also happen.

India’s second-largest IT company Infosys said on Wednesday that it will implement salary hike and promotion at all levels from January 1.

The company is also offering 100% variable pay with special incentives for the second quarter. The Bangalore-based IT company had 2,40,208 employees at the end of the September 2020 quarter.

Infosys on Wednesday released the results for the second quarter of the current financial year. In the second quarter (July to September), the company’s net profit increased by 20.5 percent.

In the second quarter, Infosys reported a net profit of Rs 4845 crore. At the same time, the net profit of the company was Rs 4,019 crore in the same period a year ago i.e. in September 2019 quarter.

Infosys CEO and MD Salil Parekh said in a virtual briefing, “Recognizing the steadily increasing commitment of our employees in this time of Coronavirus epidemic, the company is providing 100% variable pay for this quarter.

We will also give special incentives to our junior employees once in the third quarter i.e. December quarter. He said that the process of increment has now started again and will be effective from January 1, 2021.

Parekh said, ‘We resumed promotion at our junior levels in the last quarter and now it will be extended to all our levels.’

The increase in the salary of employees at Infosys will be the same as last year. Last year, the salary of 85 percent of employees working in Infosys increased by an average of six percent. Significantly, Infosys is going to give jobs to 16,500 freshers this year.

You can avail LTC cash voucher scheme even without traveling, government clarified

Clarifying doubts over the new LTC cash voucher scheme, the Finance Ministry said that the new scheme gives employees the option to ‘spend something other than travel’.

To increase consumer spending, the central government launched the LTC Cash Voucher Scheme on Monday.

Employees of the central government and PSUs are now eligible to purchase goods and services in exchange for a tax-free portion of Leave Travel Concession or Leave Travel Allowance (LTC / LTA).

The Central Government employee is eligible for LTC and can leave 10 days’ encashment to travel to Home Town or any other destination twice in a four-year block.

Ticket costs are exempt, while holiday encashment is taxable. As travel has become restricted in view of the coronavirus epidemic, central government employees now have the option of availing cash equivalent to LTC fare.