The biggest information technology (IT) services company of India, Tata Consultancy Services (TCS), is ready to dole out a second round of increments for its employees within a span of six months. The previous salary hike was announced by the IT major in October last year, where the increase in wages was between 6% to 8%.
According to the reports, it is stated that the salary increments will be around the same this time around as well. This means that employees will have received a cumulative boost of around 12% to 14%.
“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 told Business Insider.
This hike will take place just after TCS’s attrition rate dropped to a record low of 7.6%, as of 31 December 2020. TCS currently has 4,69,261 employees under its wing after adding 15,000 more to join between the months of September to December.
As per Milind Lakkad, head of human resources at TCS, over 96% of the company’s employees were still working from home before the New Year with only 3.4% in the office. In spite of several challenges caused by the COVID-19 pandemic, TCS reported its strongest Q3 growth in nine years in 2020.