New Delhi: Amid the ongoing move to cost-cutting, there is good news for IT employees. As the new financial year kicks in, TCS, India’s largest IT services company, has declared annual salary increments for its employees. As per the reports, the top performers are set to receive significant raises.
Official Confirmation
Milind Lakkad, the Chief HR Officer, stated, “We are pleased to announce the annual increments for our workforce, with top performers receiving double-digit hikes.” (Also Read: Attention: HDFC Bank’s Special Fixed Deposit Scheme Ending On THIS Date)
How Much Salary Hike Will Employees Get?
Now, the question may arise in your mind is that how many hikes will employees get? TCS plans to roll out salary hikes ranging from 4.5 percent to 7 percent. (Also Read: Mobile Recharge Prices Expected To Rise After Lok Sabha Elections)
What Will Be The Basis Of Salary Hike?
The annual increment will be based on performance. The high-performers are slated to receive double-digit increases.
Fresh Hiring
The company intends to add around 40,000 freshers this year.
TCS Workforce Reduction
However, despite hiring plans, TCS reported a net reduction of 1,759 employees in the January-March 2024 quarter, bringing the total headcount to 6,01,546.
Attrition Rate
The attrition rate in the IT services sector continued its declining trend, standing at 12.5 percent during the March 2024 quarter. Milind Lakkad mentioned, “The reduced attrition rate, along with positive responses to our campus hiring and increased customer engagements, has fostered a vibrant atmosphere in our delivery centers.”
Financial Performance
Tata Consultancy Services reported a 9.1 percent growth in its net profit for the March quarter, reaching Rs 12,434 crore. The company’s net profit for the fiscal year 2023-24 increased by 9 percent to Rs 45,908 crore.
Revenue for the March quarter grew by 3.5 percent to Rs 61,237 crore year on year, with an operating profit margin expansion of 1.5 percent to 26 percent.