Tata Consultancy Services (TCS) will hand out across-the-board salary increments for 2021-22, becoming the first IT services company to do so. The salary hike roll-out will benefit nearly 4.7 lakh employees of the company.
The average increment band for offshore employees is expected to be 6-7 per cent as per norms, sources privy to the development told PTI. This would be the second salary hike within six months by TCS.
When contacted, a TCS spokesperson confirmed that the company is on track to give increments to all associates across geographies effective April 2021, in line with its benchmarks.
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“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 added.
The sources said that with the FY22 salary hike, TCS employees will get around 12-14 per cent average increment in six months’ window.
TCS was the first IT services company to announce a salary hike for all employees for FY21 in October last year.
The sources noted that the Mumbai headquartered IT firm had given out a salary hike in line with industry norms in FY21, despite uncertainty due to COVID-19. TCS continues to offer promotions as per the regular promotion cycle.
The salary hike announcement by the company marks a return to normal increment cycle, market watchers added.
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