Infosys, in the season of mass layoffs, has ended up allotting over 5 lakh equity shares to its employees under the 2015 Stock Incentive Compensation Plan
In a time when employees are navigating recession fears, tech giant Infosys is keeping the morale up by rewarding employees. As per an exchange filing, Infosys has allotted employees equity shares for their key contributions to the growth of the company.
The IT giant, in the season of mass layoffs, has ended up allotting over 5 lakh equity shares to its employees under the 2015 Stock Incentive Compensation Plan.
“This is to inform that the Company has allotted 5,11,862 equity shares on May 12, 2023, pursuant to the exercise of Restricted Stock Units by eligible employees as hereunder: • 1,04,335 equity shares under the 2015 Stock Incentive Compensation Plan; • 4,07,527 equity shares under the Infosys Expanded Stock Ownership Program 2019,” Infosys said in a Bombay Stock Exchange (BSE) filing.
For the unversed, when it comes to IT companies, employees tend to receive many rewards in the form of bonuses, incentives and even equity shares. In the case of Infosys, the purpose of its 2015 Incentive Compensation plan is to attract, retain and motivate talented and critical employees.
The idea behind this incentive is to also encourage employees to align individual performance with company’s objectives, in this case, with those of Infosys.
In the BSE filing, Infosys also added details on the issued and subscribed share capital of the company and the equity shares. It said, “Consequently, on May 12, 2023, the issued and subscribed share capital of the Company stands increased to ₹ 20,749,373,460/- divided into 4,149,874,692 equity shares of ₹5/- each. This is for your information and records.”