Infosys freezes salary hike and promotion, to honour all job offers
Amid the coronavirus pandemic, IT giant Infosys has freezed all increments and promotions this year as measures to control costs.
The Bengaluru-headquartered company, however said it would honour all the job offers made despite the near-term business impact and is not looking at any Covid-19-related layoffs “at this stage”.
Nilanjan Roy, Chief Financial Officer (CFO), Infosys, said the company has taken measures to reduce costs amid the ongoing crisis caused by the coronavirus pandemic. “We have also frozen any salary hikes, and temporarily suspended all promotions.”
“Infosys will honour all hiring commitments it has made,” Roy added.
IT giant reported a 6.3 per cent rise in consolidated net profit to Rs 4,335 crore for March 2020 quarter, and also stated it is unable to provide revenue outlook for FY21 due to business uncertainty.
"Considering the business uncertainty emanating from COVID-19, the company is unable to provide guidance on revenues and margins for FY21 at this stage. The company will provide guidance after visibility improves," the firm said in its stock exchange.
As per Infosys CEO and MD Salil Parekh Infosys, the IT major has achieved 93 per cent remote working on Monday and ensuring consistent service delivery for clients in this rapidly changing environment.
"While the immediate short-term will be challenging, looking ahead, we can see that there is a strong interest to consolidate with partners with high-quality and agile service delivery and strong financial resilience. I am confident we will emerge from this stronger," he asserted.
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