Infosys admits of releasing 11,000 jobs due to automation

In its recently held 36th annual general meeting in Bangalore, Infosys has made it clear that that more than 11,000 jobs have been released due to automation. Revenue per full-time employee (FTE) increased by 1.2 per cent as a result of automation, utilisation and productivity improvements, the company said. Having said that the company blamed the media for creating unnecessary hype over the matter.

At the meeting, the talk of the compensation gap between the top management and employees was brought up. The company spokesperson admitted of his awareness about the gap and assured of restructured compensation to stock-based rewards.

Acording to Economic Times report, the IT major said it was sitting on Rs 12,222 crore in cash and cash equivalent as of March 31, 2017. This was against Rs 24,276 crore of cash it was sitting on at the end fo FY16. Deposits with institutions stood at Rs 6,931 crore as of March 31, compared with Rs 4,900 crore in the year-ago period.