TCS to give salary hike to all its employees: Report
Even as the Covid-19 pandemic and economic slowdown continues to plunder corporates across sectors, the Tata Consultancy Services (TCS) has said it will be giving a hike in salary to all its employees.
According to a report, TCS Human Resources has said that all employees across all bands in the company will be given a hike.
The TCS HR official also said that the hike will be given as was the practice earlier in the company.
IT companies had seen a freeze over the past months as the economy saw a slump in growth with the raging coronavirus pandemic and the nationwide lockdown bleeding the finance sector.
Several companies resorted to layoffs and salary cuts while promotions and hikes were ruled out for the year. The salary hike by TCS comes as good news for many in the IT sector.
According to the report, TCS has also gone on a hiring spree over the past months with around 7,000 trainees being hired in India and 1,000 in the United States.
Tata Consultancy Services said on Wednesday it would buy back shares worth up to 160 billion rupees ($2.18 billion), and reported a fall in quarterly profit as it set aside 12.18 billion rupees to cover legal fees related to a US lawsuit.