Infosys disclosed Friday that it had settled with the California Division of Labor Standards Enforcement (DLSE) towards possible overtime payment to certain employees in California for a total amount of $26 million.
The payment pertains to the last three years and such back wages will be paid to employees in due course.
The California Overtime settlement was announced by Infosys as part of its Q3 2007-2008 results.
Highlights of Infosys Q3 Earnings Report (2007-2008)
Revenues: $1.08 Billion
Net income: $310 million
Earnings Per Share: 54 cents
No of Employees: 88,601
(as on December 31, 2007)
Clients Added during quarter: 47
Outlook for Q4 2007-2008 for the quarter ending March 31, 2008
Revenues: $1.136 billion-$1.142 billion
Earnings per ADS: 54 cents
What California Laws did Infosys Violate?