 "it sector")
High attrition, moonlighting, and variable pay have put Indian IT companies in a tough spot. Along with high employee costs, and low margins, the IT sector has been facing high distress, according to a report by Economic Times (ET).
Wipro, one of the four IT majors in India, announced that it will withhold the variable pay of mid, and senior-level employees for the first quarter (Q1FY23) due to poor financial health. The employees in the C bands and above at the IT giant will not receive any variable or performance-linked incentive, ET reported.
"Our Q1 margins were lower at 15%
