Tata Consultancy Services (TCS), on Thursday (16th April) announced this year’s average salary hike of 8 per cent for its employees in India of around 2-4 per cent for overseas.
TCS earlier had announced a one-time bonus to all eligible employees to mark the 10th anniversary of its initial public offer or IPO this move will cost the company $423 million or Rs 2,628 crores. Employees who have completed at least one year in service will be eligible to receive the one-time bonus
Also in Financial year 2016, the company will hire 60,000 employees, said its HR head Ajoy Mukherjee.
On the contrary, Infosys had announced an average pay hike of 6.5 per cent for employees in India and 2 per cent for onsite employees.
The one-time reward for employees comes months after TCS announced 100 per cent variable payout for employees in January. TCS’ competitor Infosys had also announced 100 per cent variable bonus payout for its employees in January.