What is msi in wipro?

Wipro will be giving merit salary increments (MSI) to all eligible staff up to assistant manager level and below, that is, Band 3 and below, starting September 1. This is the second hike this calendar year, after an increment was announced in January 2021.

The hike will be in high single digits for offshore staff and mid-single digits for onsite staff. The best performers will be eligible for higher increments.

All eligible employees above band C1, that is, managers and above, will be eligible for increments with effect from June 1.

The net profit of the Company had increased 35.6 per cent in the June quarter to Rs 3,242.6 crore. Going by its performance in the first quarter and given the demand, Wipro is confident of double-digit revenue growth in FY22.

Though the disbursal of increments will cost the Company a significant amount, since 80 per cent of the workforce will be covered, this will only be a short-term pressure on finances.

The Company is set to issue more than 30,000 offer letters to freshers this year, who will be joining in the next financial year. In the first quarter, Wipro took on 10,000 lateral hires and almost 2,000 freshers. Its IT services workforce has crossed the two lakh milestone.

ETtech. Wipro will give out annual increments or merit salary increases (MSI) for the financial year ended March 31.