Infosys co-founder N. Narayana Murthy recently sparked buzz by saying that Indians should work up to 70 hours a week to fuel the country’s growth. Notably, this isn’t the first time Murthy has voiced his support for a rigorous work ethic – he’s been a long-time advocate for a six-day workweek and has even mentioned that he used to work 14 hours a day, six and a half days a week.
Now, in a major setback to workers, Infosys has decided to delay salary increases for its employees until the fourth quarter of the financial year 2024-25, deviating from its traditional practice of implementing hikes at the start of the year, said media reports. This move is likely due to global economic uncertainty and a slowdown in IT demand.
According to media reports, delaying salary hikes could lead to increased employee attrition rates, while implementing them could negatively impact profitability.
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Reason For Delay In Infosys Salary Hikes
The delayed salary hikes at the company reflect the growing challenges in the IT sector due to global economic uncertainty. Indian IT companies are anticipating for a decline in client spending on non-essential services, leading them to implement cost-cutting measures. Notably, Infosys last raised salaries in November 2023, but concerns over profitability have prompted this delay.
Furthermore, controversy related to Narayana Murthy’s views on work culture and work-life balance combined with Infosys’ decision to delay salary hikes, has reignited debates on social media, earning him criticism.
According to media reports, Infosys is not alone in delaying salary hikes. Other major IT companies, including HCL Tech, LTI Mindtree, and L&T Technology Services, have also put off hikes to maintain profitability amidst a tough business climate.
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