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Tata Consultancy Services (TCS) is purportedly preparing to implement salary increments for its employees in the fiscal year 2024-25. Offsite employees could see raises of 7-8%, while onsite staff may expect increments in the range of 2-4%, according to reports. These adjustments are anticipated to come into effect from April 1, 2024.
While TCS has dismissed these reports as ‘speculation’, sources indicate that the salary increment process is nearing completion. Exceptional performers within the organization might receive substantial raises of 12-15%.
With a headcount of 603,305 employees as of December 31, 2023, TCS remains one of the largest employers in the IT industry. In the previous fiscal year (FY24), the company had announced salary hikes ranging from 6-9%, with high achievers enjoying increases of 12-15%.
Amidst rumors of potential downsizing, TCS recently announced its intention to bolster its workforce. CEO K Krithivasan addressed concerns during a NASSCOM session, emphasizing the company’s commitment to hiring in 2024. He highlighted the economic green shoots and the increasing workload, affirming the necessity of augmenting the workforce. While adjustments might occur in the hiring process, Krithivasan assured that there would be no reduction in recruitment initiatives.
TCS’s purported salary hike plans reflect the company’s efforts to reward and retain its workforce while maintaining a competitive edge in the industry. As the global economic landscape evolves, TCS continues to navigate challenges and uphold its commitment to employee welfare and organizational growth.
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