TCS salary hike: The process of promotions is being closely looked and could be pushed to the first quarter of FY25, it was reported.
Tata Consultancy Services (TCS) may increase the salaries for its offsite employees by an average of 7-8 percent and for its onsite employees 2-4 percent in 2024-25, it was reported. High performers can even expect a raise of 12-15 percent in increments that will be effective from April 1,2023, Business Standard reported citing people in the know. The process of promotions is being closely looked and could be pushed to the first quarter of FY25, the report further added.
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What report claimed on salary increment process?
A source quoted by the report said, “The salary increment process is nearing completion, but promotions, especially at the top level, are under strict scrutiny due to cost concerns.”
What TCS commented on salary hike report?
Citing a TCS spokesperson, the report added that as per the company’s policy, they cannot comment on speculation.
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What were the salary hikes at TCS in 2023?
In 2023, the IT company gave pay hikes ranging from 12-15 percent for ‘exceptional performers’ and Chief Human Resources Officer Milind Lakkad said in a statement, “We have given a 12-15 percent raise for exceptional performers in our latest annual compensation review, and also commenced the promotions cycle.”
This comes as TCS saw its headcount decline for a second consecutive quarter which was down by 5,680 in the December quarter.
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TCS financials in last quarter
The company reported a net profit of ₹11,058 crore in the quarter ended December 31, 2023, which is 2 per cent from ₹10,846 crore in the same quarter a year ago.
