Bengaluru-headquartered information technology (IT) services company Infosys on Thursday announced a plan to expand its Retirement Services Center of Excellence (COE) in Pennsylvania, United States.
As part of the effort, the firm has committed to creating 300 new jobs for local workers. The roles will cover technology and digital services as well as client administration and operations, it said in a statement.
Launched last year, the Pennsylvania centre will develop technology solutions and services to help companies capitalize on opportunities emerging at the intersection of employee benefits, wealth management, and digital transformation.
Infosys has been helping financial institutions worldwide with digital transformation. The firm currently serves half of the top 20 retirement service firms in the US, helping them manage risk, improve their participants’ experience, and deliver better outcomes with digital solutions. The centre, the company said, was conceived last year after its agreement with Pennsylvania-based investment management firm Vanguard.
“We are committed to growing Infosys’ footprint in the financial services space in the US. Our Retirement Services Center in Pennsylvania is one example of how we realize this aspiration. This Center will focus on technology and innovation that will enable the retirement industry to navigate its way to lower costs, enhanced experiences, and better outcomes for retirement savers,” Mohit Joshi, president at Infosys, said in a statement.
The expansion comes as part of Infosys’ commitment to hiring 25,000 local workers in the US by 2022. Globally, the four-decade-old company currently employees over 2.5 lakh people.
“Our business model is about finding the best workforce, training the best workforce, and deploying the best workforce to enable our clients to thrive,” Martha King, the executive VP and chief client officer at Infosys, said.
In the third quarter ended December 31, 2020, Infosys posted a 12.3% YoY increase in its revenue to Rs 25,927 crore while profits rose 16.6% to Rs 5,197 crore.