Wipro Limited, the IT sector giant, on Friday announced a salary hike for around 80 per cent of its employees, starting from September 1, 2021.
The company said the hike will be based on a merit salary increase.
“Wipro will initiate merit salary increases (MSI) for all eligible employees up to Band B3 (Assistant manager and below), effective September 1, 2021,” said a statement from the company. In January 2021, the company announced salary hikes for employees in these bands, who form 80 per cent of the company’s workforce.
Wipro further added that all eligible employees above the C1 band (managers and above) with effect from June 1 will get the salary hike.
“On average, the increments will be in the high single digits for offshore employees while it will be the mid-single digits for onsite employees. The company will reward top performers with substantially higher increases,” said the company.
After the Q4 results came out, the company stated that it will put its efforts to retain talent at the company. Wipro saw attrition rates jumping to 12% in the quarter to March, thus skill-based bonuses, salary hikes for senior leaders in June and initiating promotion across the organisation.
Saurabh Govil, CHRO, Wipro while sharing his views on retention said: “We are also giving out skill-based bonuses for the people with the right skills, and it is already underway.”
TCS was the first company to announce the hike for FY 20201 effective from April 1. These hikes have come at a time where there is a need for quality talent. In October 2020. HCL gave a salary hike to employees while Tech Mahindra increased salaries in January this year.