Wipro rolls out 85% variable pay for Dec qtr, HR News, ETHRWorld

Bengaluru: Wipro has rolled out the variable pay for the December quarter of the 2023-24 financial year along with the February salary. Sources told TOI that the payout has been between 80% and 85%. The company, in an internal communication, said that it’s higher than what was given in the September quarter.

While the communication did not mention the exact payout, it said, “We are announcing a higher Q3 company multiplier of 1. This is an improvement over the multiplier of 0.9 that was applied in Q1 and Q2.” The company multiplier is the performance index based on internal and external factors. TOI has reviewed the e-mail.

At Wipro, the variable pay for junior employees is linked to the company’s performance. At higher levels, the variable component is given based on the performance of the business unit. In the first two quarters, Wipro rolled out an 80% variable to junior employees whose bonus component is attached to the company’s multiplier or the performance.

Wipro did not respond to TOI’s queries on the variable payout for the December quarter. The internal mailer stated that the higher multiplier is because the IT services firm is starting to see some green shoots in certain sectors. However, Wipro reported muted numbers in the December quarter of the current financial year.

The operating margin in the third quarter…