MAY 18, 2023
Wipro Latest News: After Infosys, Wipro has allotted approximately 3,98,733 shares to eligible employees as stock options. The decision was taken in a bid to reward employees under two different schemes. While 3,96,893 shares were allocated under the ADS Restricted Stock Unit Plan 2004, 1,840 shares were given under the Restricted Stock Unit Plan 2007. The company made the announcement through an exchange filing on Wednesday.
Earlier, Infosys had decided to reward its employees by allotting equity shares to its key contributors for growth. The Bengaluru-based company allotted more than 5.11 lakh equity shares to eligible employees. The decision was taken in a bid to expand employees’ ownership in the company.
Meanwhile, Wipro, in the past 6 months ran a bonus cycle, an MSI cycle for all its employees as well as a promotion cycle across all bands. The tech giant had rolled out 100% hikes for bands A to B3 for the September-ended quarter, which translated across fresher and team leader levels.
“The variable pay as per company policy performance comes to 93.5%. However, we have decided to announce a higher company multiplier of 1.07 to reflect the progress we have made toward improving our operations,” said an internal mail to employees last year after the second quarter.
Besides, Wipro also revamped its recognition portal, in addition to introducing new benefits policies, R&R programs, Employee assistance, and incentives, to respond to COVID effectively through on-the-ground activities.
Courtesy/Source: Times Now / PTI