TCS Announces Average Salary Hike of 8%

Tata Consultancy Services (TCS), India's biggest software exporter, on Thursday announced an average salary hike of 8 per cent for its employees in India. Overseas employees will get an average hike of around 2-4 per cent. The company will hire 60,000 employees at the gross level in FY16, said its HR head Ajoy Mukherjee..Infosys, which is the country's second biggest software exporter, earlier had announced an average pay hike of 6.5 per cent for employees in India and 2 per cent for onsite employees. TCS had earlier announced a one-time bonus to all eligible employees to mark the 10th anniversary of its initial public offer or IPO. India's biggest outsourcer will give one week's salary for every year of service rendered - a move that will cost the company $423 million or Rs 2,628 crore. Employees who have completed at least one year in service will be eligible to receive the one-time bonus. "This special reward to employees acknowledges the role they have played in building TCS into one of the most respected and valued technology services companies in the world." said N Chandrasekaran, CEO and MD of TCS. The one-time reward for employees comes months after TCS announced 100 per cent variable payout for employees in January. TCS' competitor Infosys had also announced 100 per cent variable bonus payout for its employees in January. One-Time Bonus Hits TCS' Q4 Profit TCS reported a 29 per cent fall in its net profit in the fourth quarter ended March 31, 2015, on a sequential basis. Its net profit fell to Rs 3,858 crore in the fourth quarter. However, after excluding the impact of one-time bonus of Rs 2,628 crore, its net profit came at Rs 5,906 crore. This is higher than the estimates of Rs 5,392 crore based on an NDTV poll of analysts. (Read) Its revenue remained flat during the March quarter at Rs 24,220 crore. TCS had reported a net profit of Rs 5,444 crore on sales of Rs 24,501 crore in the December quarter. During the March quarter, TCS added 14,395 employees, while on a net basis the addition was 1,031, he added, taking the overall employee strength to close to 3.3 lakh.

TCS Announces Average Salary Hike of 8%

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