TCS has become the first major IT company to announce FY22 salary hikes for its employees. This will be the second salary hike the company would be rolling out within a span of six months. Here is all you need to know:
At a time when employees across various sectors are waiting for their FY21 salary hikes, Tata Consultancy Services (TCS) has become the first major IT company to announce a pay hike for the financial year 2021-22.
A TCS spokesperson told moneycontrol.com that the salary hike would come into effect from April 2021. In a statement, the company said it is on track to give increments to all associates across geographies, effective April 2021.
2nd salary hike in six months
It may be noted that this will be the second salary hike the company would be rolling out within a span of six months. The company had delayed the previous increment cycle due to the Covid-19 pandemic in March last year.
TCS employees are expected to get an average salary increment of 12-14 per cent as part of the FY22 salary hike, as per the moneycontrol.com report. Not just salary increment but TCS will also continue to offer promotions to employees as part of the regular cycle.
Earlier, Accenture had announced a one-time bonus for its employees on March 18. Meanwhile, Cognizant had promoted 24,000 employees globally and gave salary hikes based on performance to 1.6 lakh workers.
Other IT firms such as Infosys, Wipro and HCL Tech had rolled out salary hikes for their employees between October 2020 and January 2021.
