Infosys, India’s second-largest software company, will issue increment letters to its employees by the end of February. The salary hikes for the fiscal year 2024-25 will range from 5% to 8% and will be effective from April 2025. The company has also started issuing promotion letters in batches since December. This decision comes amid a pickup in the demand environment, with most IT companies expecting technology budgets to rise in the next fiscal year.
Indian IT firms, which derive most of their revenues from North America, report that discretionary spending is on the rise, with more companies willing to invest in transformative projects after holding back for the last two years. Infosys’ Chief Financial Officer Jayesh Sanghrajka stated that the expected annual salary increment in India is 6-8%, with overseas increments aligning with previous compensation reviews.
