OPEN APP
Home >Industry >Infotech >TCS announces salary hike for employees, second in six months

India's largest software services firm Tata Consultancy Services (TCS) has today announced salary hikes for all its employees. The salary hikes would be effective from April 1, the company said.

When contacted TCS spokesperson told Mint, "We can confirm that we are on track to give increments to all associates across our geographies effective April 2021, in line with our benchmarks."

"We are extremely thankful to all our associates for demonstrating resilience, adaptability, and an innovative mindset to steer the company in these trying times. This step is a reflection of our steadfast commitment to our associates," the spokesperson further added.

The Mumbai- based IT firm has nearly 4.7 lakh employees who will be benefitted from the decision by the company.

TCS has become the first IT Services company to announce increment for FY22. The IT behemoth is to give a second salary increment within six months, after announcing a hike in October last year.

Sources said that the IT firm had given out salary hike in line with industry norms In FY21 despite uncertainty due to COVID-19 and it will continues to offer promotions as per the regular promotion cycle.

According to the sources, "With FY22 salary hike TCS Employees will get around 12-14% average increment in six months time.

TCS reported 7% increase in net profit for the quarter ending 31 December, 2020 at 8,701 crore. The company benefited from greater demand for its cloud services during the COVID-19 pandemic.

This is the strongest December quarter growth in nine years, TCS said.

"Growing demand for core transformation services and strong revenue conversion from earlier deals have driven a powerful momentum that helped us overcome seasonal headwinds and post one of our best performances in a December quarter," Rajesh Gopinathan, chief executive officer and managing director at TCS, said.

On Friday, the company's scrip on BSE closed nearly 0.60% higher at Rs3,054.80.

Meanwhile, Accenture on Thursday said it will give one week of base pay as one-time bonus to all employees for their contribution during the challenging year. The move will benefit around 2 lakh employees the company has in India. .

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout