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Infosys Technologies has decided to cease wage hike and hiring in the current fiscal year owing to global meltdown. While informing about the new decision, Infosys head of HR, T V Mohandas Pai said that it is the second time that company has decided to freeze wage hike and promotions. He however, assured that things will be reviewed again if the situation improves.
The company usually increases wage during the month of April every year, but this time it turned the other way. Earlier in 2002, Infosys had ceased wage hike and hiring due the crisis that surfaced due to the dot.com bust. However, the company had lifted the sanction when the situation began to improve towards September and October the same year.
The ongoing global financial crisis has largely affected the IT sector and in the case of Infosys also there is no exception. During fiscal 2008-09, Infosys has stopped the payment of a part of compensation package to its employees. Meanwhile, the company has also decided not to operate its hiring operation for the fiscal 2009-10. According to Pai, Infosys will not go into campus recruitments and lateral hiring will be decided based on the business demand.
