New Delhi: After Tata Consultancy Services (TCS), Infosys and Wipro, IT major Cognizant has decided to roll out annual salary hikes for its employees. People familiar with the matter asserted that Cognizant employees may see an average salary increase of up to 10 per cent this year.
According to a report in Economic Times, the New Jersey-headquartered software services had conveyed to its employees last week that they would receive ‘formal eLetters’ with the new compensation through the week—with the increases taking effect from October for levels up to associate director.
This comes days after Indian peers rolled out salary hikes. Last week, Tata Consultancy Services (TCS) made a big announcement regarding the variable pay of the employees. Bringing out their festive cheer early, TCS shared that 70 per cent of the staff will receive 100 per cent variable pay. Moreover, the remaining 30 per cent will get paid based on their business unit performance.
Similarly, Thierry Delaporte, CEO and Managing Director of Wipro said the company will pay out 100 per cent of variable pay to 85 per cent of its employees for the second quarter of financial year 2023. Speaking at a press meet following the second quarter results, he also said the company has promoted more than 10,000 employees and increased salaries across bands.
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