Tata Consultancy Services (TCS), India’s largest IT services company, has revealed its plans for annual salary increases for its employees.
According to the company’s Chief HR Officer, Milind Lakkad, the salary hikes will range from 4.5% to 7%, based on individual performance.
TCS has planned to recruit a total of 40,000 freshers in FY24.
On April 12, TCS reported a 9% increase in consolidated net profit, amounting to Rs 12,434 crore for the fourth quarter of FY24, compared to Rs 11,392 crore in the previous year.
Revenue also saw a rise of 3.5% to Rs 61,237 crore in the three months ending March 31, 2024, as per the IT major’s exchange filing on April 12.
Tata Consultancy Services (TCS), India’s largest IT services company, has revealed its plans for annual salary increases for its employees.
According to the company’s Chief HR Officer, Milind Lakkad, the salary hikes will range from 4.5% to 7%, based on individual performance. Exceptional performers can anticipate double-digit increments.
“We are pleased to announce the annual increments for our workforce, as we have done consistently every year, with top performers receiving double-digit hikes,” Lakkad said in a company announcement on April 12.
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In the previous financial year, TCS implemented salary increases of 12-15% for outstanding performers.
These increments are effective from April 1, 2023.
Addressing the media post-results declaration, Lakkad mentioned that while most of the freshers for the fiscal year 2023-24 have been onboarded, some are yet to join.
These remaining freshers are expected to be added in the April-June quarter.
TCS has planned to recruit a total of 40,000 freshers in FY24.
On April 12, TCS reported a 9% increase in consolidated net profit, amounting to Rs 12,434 crore for the fourth quarter of FY24, compared to Rs 11,392 crore in the previous year.
Revenue also saw a rise of 3.5% to Rs 61,237 crore in the three months ending March 31, 2024, as per the IT major’s exchange filing on April 12.
