<ul><li>Bengaluru's IT sector, including major players like Infosys, is experiencing significant pay hike and promotion cuts amid global recession fears. Infosys, a prominent tech giant, has granted its employees less than a 10% hike this year.</li><li>Similar trends are observed among US and Europe-based global companies with a significant presence in Bengaluru. This cost-cutting phase, initiated a year ago, persists, leading IT firms to take drastic measures.</li><li>New hires are excluded from hikes, and promotions are on hold, with minimal increases of 10-20% for those promoted. The situation is reminiscent of the 2007-2009 IT sector downturn, causing concerns among professionals.</li></ul>

Recession fears hit IT sector, Infosys, major players announce drastic cuts in pay hikes, promotions

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