Wipro Announces Salary Hike For Employees Effective June 1

IT major Wipro has announced salary hikes for employees effective June 1, 2017. The Bengaluru-based outsourcer said that "on an average, the increments are in the mid-single digits for offshore employees while increments for onsite employees vary from low to mid-single digits depending on their geographical location". Wipro also said "top performers have been rewarded with relatively higher increases in their compensation".

Last year, Wipro had given an average 9.5 per cent pay hike for offshore employees and 2 per cent for onsite employees. Wipro saw its net income for the full year decline 4.7 per cent over the previous fiscal year. For the fourth quarter, its IT services revenue declined marginally over the October-December quarter.

Meanwhile, Wipro chairman Azim Premji's pay package saw a fall of 63 per cent to $1,21,853 (about Rs. 79 lakh) last fiscal year, with no commission being paid during the year. The IT czar had drawn a larger compensation of $3,27,993 (about Rs. 2.17 crore) in the previous fiscal year. Mr Premji's package included $66,464 in salary and allowances and $13,647 in long-term compensation (deferred benefit - the company's contribution to the Provident Fund and Pension Fund), totalling to $121,853 for the year 2016-17, documents with the US market regulator Securities and Exchange Commission showed.

"Azim H Premji is entitled to a commission at the rate of 0.5 per cent on incremental net profits of Wipro for the fiscal 2017 over the previous year... For the year ended March 31, 2017, commission paid to Azim H Premji is INR Nil," the document said.

All other executives received variable pay under a quarterly performance-linked scheme, based on key parameters of individual or combined performance of the business unit, division or segment or the company as a whole, it added. (With Agency Inputs)