Infosys has over 2,200 Rs1-cr jobs outside India: report
08 July 2019
Infosys has over 2,200 employees outside India earning more than Rs1 crore against 64 employees earning Rs1 crore or more within India, says a report in the Economic Times.
The ET citing data accessed in the last financial year says the actual number of Infosys executives earning over Rs1 crore annually could be more than 1,700 people directly employed by the European branches of the company.
Actual data were difficult to be obtained due to the European Union’s General Data Protection Regulations (GDPR), it pointed out.
The high-cost nature of companies' hiring in its major markets, especially to comply with visa regulations in the United States could explain the increasing pressure on margins of the IT bellwether compared to other technology firms in the country.
The company in its annual report said the number of Infosys employees earning an annual salary of Rs1 crore and above more than doubled to 64 in the financial year 2019. In last fiscal, less than 30 Infosys executives based in India, received salaries over Rs 1.02 crore, but in one year this number jumped to 64.
Besides, Infosys last month said it has hired over 9,000 people in the United States between April 2017 and March 2019, almost meeting its target of recruiting 10,000 American workers., "Since April of 2017, we have hired about 9,100 people as of March 2019. This has actually helped us in strengthening our business model and becoming less dependent on the visa for talent or ability," Infosys COO UB Pravin Rao said at the company’s AGM.
Along with raising its overseas hiring goal, Infosys also reduced its margin expectations for the financial year 2020 to 21-23 per cent from 22-24 per cent projected earlier.
Among the highest paid overseas are both older employees and consultants who have come in through acquisitions. The list includes Paul Haines, previously director of Noah Consulting and now an associate partner at Infosys Consulting, who earned Rs 6.9 crore in the financial year 2019; and John Brizzi, vice president and partner at Infosys Consulting, earning Rs 5.7 crore.