IT salaries rise 12-37% since FY21, linked to business growth

BENGALURU: IT firms have witnessed growth in median salaries, with increases varying from 12% to 37% since FY21. Infosys and Wipro showed a 30% rise in median compensation, while Cognizant and Accenture recorded increases of 12% and 17.5% during the same period.From FY21 to FY24, salary improvements varied across companies. Indian firms recorded increases between Rs 1 lakh and Rs 2.6 lakh, while global companies Cognizant and Accenture registered increases of $1,600 and $3,200, respectively.Infosys and Wipro’s median compensation has increased from Rs 7 lakh in FY21 to about Rs 10 lakh. Tech Mahindra showed a median salary of Rs 6.6 lakh, up from Rs 5.3 lakh in FY21. However, between 2023 and 2024, the median salary remained static.

Infy Median Pay

TCS and HCLTech have not revealed their consolidated median employee remuneration. For MNCs, the median compensation is $14,640 for Cognizant and $22,106 for Accenture. Infosys and Wipro showed consistent median growth, while Tech Mahindra, Cognizant, and Accenture experienced variations.Growth rates have also declined. At Infosys, median remuneration increased from Rs 7.2 lakh to Rs 8.1 lakh in FY22, showing 13% growth. In FY23, it reached Rs 9 lakh, representing 10.5% growth, followed by 8.5% growth the next year. Tech Mahindra showed a significant increase between 2022 and 2023 but remained unchanged between 2023 and 2024. Wipro’s growth rate increased from 10% to 12% in 2021-22, then decreased to 10% in 2023-24.Ramkumar Ramamoorthy, partner at tech growth advisory firm Catalincs, said, “Wage increases in the IT industry are a function of growth, competitive intensity, skill mix, attrition, and inflation.”