Tata Consultancy on Friday (March 19, 2021) announced salary hikes for all its employees. The hike would come into effect from April 1, said the company.
The Mumbai-based country's largest software services firm has an employee base of close to 4.7 lakh employees who will benefit from the company's move. "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", TCS spokesperson told one of the leading dailies.
"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.
With this TCS has become the first IT company to announce a hike for FY22 and that too in a matter of six months. The company last announced salary hike in October 2020.
In FY21 despite uncertainty owing to the outbreak of the pandemic, the IT firm announced salary increment at par with industry norms, said the sources. Further the IT behemoth will continue to dole out promotions in accordance with the regular promotion cycle.
So, on an average, TCS employees would get a hike of 12-14% in six months time.
In the December ended quarter, the company posted 7% increase in net profit at Rs. 8701 crore. This is the strongest December quarter growth in nine years, TCS said. Increased demand for its cloud services amid the pandemic, helped the company greatly.
The scrip of TCS last closed higher by nearly 0.6% at Rs. 3054.80 on the BSE.