We assess the motive of indirect reciprocity in a gift exchange experiment. In particular, we test if individuals interpret someone’s behavior towards a third actor as a signal about how they would be treated and consequently reward or punish it. Alternatively, indirect reciprocity can be interpreted as a notion of altruism. In our experiment one employer is matched with two employees to whom she can pay different wages. In the first treatment the employees solely know their own wage. Here, a positive correlation between wages and effort indicates direct reciprocity. In a second and third treatment, employees are informed about both wages or solely about their coworker’s wage. We find evidence for indirect reciprocity in terms of a significant positive correlation between the coworker’s wage and effort in the third treatment. This correlation becomes insignificant and negative when introducing one’s own wage. We therefore conclude, indirect reciprocity rather being a self-referred reaction than an act of altruism.