Tata Consultancy Services (TCS), India’s leading IT services provider, has outlined its annual salary hike plans for its employees.
As stated by the company's Chief HR Officer, Milind Lakkad, salary increments will vary between 4.5% and 7%, contingent upon individual performance. Exceptional performers can anticipate double-digit raises.
"We are pleased to announce the annual increments for our workforce, as we have consistently done every year, with top performers receiving double-digit hikes," Lakkad remarked in a company announcement on April 12.
In the previous fiscal year, TCS bestowed salary increments ranging from 12% to 15% upon outstanding performers.
These increments took effect from April 1, 2023.
Following the results declaration, Lakkad informed the media that while most of the new hires for the fiscal year 2023-24 have been onboarded, some are yet to commence employment. It is anticipated that these remaining new hires will join during the April-June quarter.
TCS has slated plans to recruit a total of 40,000 freshers in FY24.
On April 12, TCS disclosed a 9% increase in consolidated net profit, reaching Rs 12,434 crore for the fourth quarter of FY24, compared to Rs 11,392 crore in the preceding year.
Revenue also experienced a 3.5% upsurge to Rs 61,237 crore for the three months ending March 31, 2024, according to the IT giant's exchange filing on April 12.
