While some employees received only 20-40 per cent of their expected variable pay, others saw no payout at all, according to a report.
Tata Consultancy Services (TCS), India’s largest IT services company, has cut variable pay for many of its senior employees for the July-September 2024 period (Q2 FY25) as the business continues to see an uncertain demand environment, according to a Moneycontrol report citing people privy to the development.
Read More: Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On November 8
While some employees received only 20-40 per cent of their expected variable pay, others saw no payout at all, contrasting with a 70 per cent payout in the previous quarter, according to the report.
Tata Consultancy Services (TCS), India’s largest IT services company, has cut variable pay for many of its senior employees for the July-September 2024 period (Q2 FY25) as the business continues to see an uncertain demand environment, according to a Moneycontrol report citing people privy to the development.
Read More: CCI Probe Finds Zomato, Swiggy Breached Antitrust Laws: Report
While some employees received only 20-40 per cent of their expected variable pay, others saw no payout at all, contrasting with a 70 per cent payout in the previous quarter, according to the report.
Responding to Moneycontrol’s detailed queries, a TCS spokesperson clarified, “For Q2FY25 we have paid out 100% QVA (Quarterly Variable Allowance) to junior grades across the company. For all other grades, the QVA depends on their unit’s business performance. This is in line with our standard practice across quarters.”
Read More: LIC Q2 Results: Net Profit Falls 4% YoY to Rs 7,621 Crore, Premium Income Up 11%
In April this year, the company had announced annual salary hikes for its workforce, with top performers receiving double-digit increments. Its Chief HR Officer Milind Lakkad had said salary hikes will be in the range of 4.5-7 per cent based on performance, with high-performers receiving double-digit increases.
