Salary Hike Latest News: Amid the ongoing layoffs, IT major Cognizant has decided to give another salary hike to its employees. If reports are to be believed, this will be the third salary hike, the employees will receive in a span of 18 months. It is part of the ‘two-merit cycles’ in a year – a one-time measure announced by the company in November 2022 – to arrest the rising attrition in the company, the Economic Times reported.
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Full Text of CEO’s Mail to Employees
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This week, the vast majority of you who are in levels up to Associate Director will receive your 2023 merit pay eLetters. Keep in mind that we advanced this merit increase to be six months earlier in the year, following year-end performance reviews. This means many of you are seeing your third merit increase in 18 months,” said CEO S Ravikumar in an internal mail to the company’s employees.
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Moreover, the CEO asserted that combined with the merit increases for eligible directors and above who received hikes in January, Cognizant is awarding more than 300,000 associates a merit increase this year. The first cycle was awarded effect from October 2022.
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TCS to Give 12-15% Salary Hike to High Performers
Earlier, Milind Lakkad, the Chief Human Resources Officer of TCS, while interacting with ET Now, confirmed that high performers can look forward to 12-15 per cent hikes in FY24. For others, hike percentages are ranging from 1.5 to 8 according to the official.
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“Our hikes this year will be similar to what we have been giving. Especially for high performers, we are basically looking to get them to a 12-15 per cent hike,” Milind Lakkad said, adding, “then there is 8, 5, 1.5– it’s that kind of a number which is coming up,” for the rest.
