TCS Salary Hike On Christmas: A piece of good news for TCS employees, 4 lakh employees out of the total 6 lakh staff are getting a 20 percent Christmas salary hike, while the remaining about 30 percent of employees will receive performance-based compensation.
This comes after the company announced a 100 percent variable pay for 70 percent of its staff, compared with 10-20 percent as variable compensation earlier. According to a media report, TCS, India’s largest IT services company, will give a 20% salary increase to 70% of its employees on Christmas and a performance-based increase to the rest of its staff.
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TCS Reported a Net Profit
TCS has not commented on the report. Variable pay, also known as performance pay, is typically tied to the company’s financial performance. In the July-September quarter of 2022, TCS reported a net profit of INR 10,431 crore (over USD 1.4 billion), surpassing the INR 10,000 crore mark for the first time in a quarter.
The move to implement a 100 percent variable payout comes after TCS rivals Wipro and Infosys reduced variable compensation for their staff in the first quarter, as did TCS.
Entry-level employees at Wipro only received 70 percent of the variable remuneration that senior personnel received. Infosys followed suit and set a limit on total employee remuneration at 70 percent of the previous level.
In July-September 2022, Tata Consultancy Services (TCS) reported a net addition of 9,840 employees. With this, the company’s workforce as of September 30, 2022, stood at 6,16,171. The net addition during Q2FY23 is lower than the 14,136 net addition recorded in the previous quarter.
TCS’ workforce was at 616,171 as on September 30, 2022, a net addition of 9,840 during the quarter. The workforce continues to be very diverse, comprising 157 nationalities and with women making up 35.7 percent of the base. TCS has been meeting the demand for services around new technologies by continually investing in organic talent development.
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TCS Salary Hike Christmas FAQs
Does TCS give 100% hike?
And TCS has decided to roll out 100% variable pay to 4 lakh employees for FY22. Recently, the firm has implemented a 100% variable compensation scheme.
How much hike does TCS give while switching?
TCS take employees at starring package of 3.6 LPA. After one year you would get one increment and taking 8% increment your salary would become 3.9 LPA.
What is the salary hike in TCS for experienced?
With salary hike in Financial Year 2021-22, TCS employees will get around 12-14 per cent average increment in six months’ time.
Will TCS give salary hike in 2022?
TCS is giving a 20 per cent Christmas salary hike to 70 per cent of its employees, and a performance-based hike to the remaining staff.