Mumbai: Tata Consultancy Services (TCS), India’s largest software services firm, plans to increase wages by 12 to 14% for India-based staff as it deals with high attrition in a competitive environment, a senior executive said on Thursday.
The wage increases and currency fluctuations pose headwinds for growth, chief executive N. Chandrasekaran told reporters after the company posted fourth-quarter results.
The company plans to raise wages by 2 to 4% in major overseas markets and 2 to 14% in emerging markets.
TCS earlier on Thursday said fiscal fourth-quarter net profit rose 23% to Rs2,402 crore ($542 million), beating analysts’ forecasts.
This compared with a Reuters poll forecast for net profit of Rs2,351 crore for TCS, whose major clients include Citigroup, General Electric, British Airways and Sony Corp.