Mumbai-based information technology (IT) services major TCS has reportedly announced a second salary increment for its employees, in the range of 12-14%, within a span of six months.
The first one in the sector to announce salary hikes for the financial year 2021-22, the company in October offered 6-8% increments to its employees.
“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,” a TCS spokesperson said in a statement to TechCircle. “We are extremely thankful to all our associates for demonstrating resilience, adaptability, and an innovative mindset to steer the company in these trying times."
The hike is expected to cover more than 4.69 lakh TCS employees.
In the current financial year, TCS has onboarded 40,000 new employees. Its attrition rate stood at 7.6% the last quarter.
Earlier this month, IT services major Cognizant said that 1.6 lakh employees, including a significant portion in India, would receive merit increases. The company added that 24,000 staffers would be awarded with promotions.
Last week, global consulting giant Accenture said that it will provide a one-time bonus, equal to one week of base pay, for employees below the level of managing director.