New Delhi: Software giant Tata Consultancy Services (TCS) has given the Christmas and New Year gift to its employees by hiking salary up to 20% and offering variable pay. Moreover, 4 lakh employees out of 6 lakh will get the bonus in form of 100% variable pay for fiscal year 2022. The company stated that the remaining 30% employees will get the variable pay on the performance basis. According to reports, TCS has offered a 20% Christmas salary increase for 70% of its employees and a performance-based raise for the remaining staff.
According to report, the entry-level employees at Wipro only received 70 per cent of the variable remuneration that senior personnel received. In the similar manner, Infosys followed suit and set a limit on total employee remuneration at 70 per cent of the previous level.
After Wipro and Infosys reduced variable compensation for its employees in the first quarter, TCS was offering 100% variable pay.
Milind Lakkar, the company’s chief human resources officer, made the announcement on Monday after the company’s quarterly results were made public. He said that in the second quarter of the current fiscal year, the company will pay all of the variables to 70% of its employees.