Infosys, Wipro Boost Median Salaries by 30% Since FY21

India’s largest IT companies, Infosys and Wipro, have seen a significant rise in median employee pay, a rise of 30% from FY21 to FY24 despite wage growth for the industry as a whole beginning to slow. Median pay at both companies has risen from around INR 7 lakh during FY21 to INR 10 lakh during FY24 showing the consistent growth in employee compensation during the past three financial years as reported by Times of India.

However, the momentum of pay rises seems to be slowing down. Infosys saw their median pay increases go from 13% in FY22 to 10.5% in FY23 and finally to 8.5% in FY24. Similarly, Wipro has also seen pay rises slow to 10% in FY24 from 12% in FY22.

Read Also: Infosys Warns Employees of Lower Q4 Bonuses Amid Profit Dip

Meanwhile, Tech Mahindra had a smaller rise in median pay from INR 5.3 lakh in FY21 to INR 6.6 lakh in FY24. Its salaries remained flat between FY23 and FY24. TCS and HCLTech have not yet reported consolidated median compensation information.

Of the major global IT players, Cognizant and Accenture posted modest pay hikes of 12% and 17.5%, with median current compensation levels of $14,640 and $22,106 respectively. Indian IT firms boosted salaries by INR 1-2.6 lakh while global IT firms raised $1,600-$3,200.

While IT companies in India have experienced remarkable compensation growth since the pandemic, the trajectory now looks to be moving to more moderate increments, given that growth is stabilizing and attrition is normalizing across the sector.