Wipro promises Rs 1 lakh bonus to freshers, junior employees to stem lower level attrition

In a bid to counter the high attrition rates existing in the IT sector, Wipro has reportedly offered to pay retention bonus of Rs 1 lakh to the freshers hired by the company this year, said media reports.

Wipro has promised a retention bonus of Rs 1 lakh to the junior employees who have been recruited through campus placements this year and will complete one year with the company, said a report in Business Today. It is said that the decision has been taken to counter the high attrition rates prevalent across the IT industry.

The IT major reportedly paid bonuses of Rs 1 lakh each to its junior employees with experience of up to three years and have worked with the firm since the time of their campus placements, said the report.

 Wipro promises Rs 1 lakh bonus to freshers, junior employees to stem lower level attrition

File image of Wipro campus in Bangalore. Reuers

Wipro reportedly hired 6,000 freshers in the June quarter, as many as in the whole of the previous fiscal, said a report in The Times of India.

Quarterly annualised attrition marginally went up to 17.9 percent in the June quarter due to employees leaving the firm for higher studies, wage hikes and actions related to appraisals, the report said.

Meanwhile, shares of Wipro rose nearly 4 percent on Thursday after the company posted a 12.5 percent rise in consolidated net profit for the April-June quarter, reported PTI.

The scrip gained 3.64 percent to close at Rs 269.15 on the BSE. During the day, it jumped 5.50 percent to Rs 274.

On the NSE, shares rose by 3.13 percent to close at Rs 267.75.

It was the top gainer among the 50-Nifty frontline companies.

In terms of the traded volume, 9.25 lakh shares were traded on the BSE, over two crore units on the NSE during the day.

On Wednesday, Wipro posted a 12.5 percent rise in consolidated net profit at Rs 2,387.6 crore for the April-June quarter and guided for up to 2 percent sequential revenue growth for the July-September period.

With PTI inputs

Updated Date: Jul 18, 2019 19:41:25 IST