Business

TCS Unveils Salary Hike: Top Performers Set for Double-Digit Raises

tcs employee salary

Tata Consultancy Services (TCS), India’s leading IT services provider, has announced its annual salary increments for employees, featuring substantial raises for top performers. Chief HR Officer Milind Lakkad revealed that salary hikes will range from 4.5% to 7% based on individual performance, with exceptional performers set to receive double-digit increases.

Lakkad stated in a company statement on April 12, “We are pleased to announce annual increments for our workforce, as we have consistently done each year, with top performers receiving double-digit hikes.”

According to a report by ET, TCS intends to onboard approximately 40,000 freshers this year, many of whom have already joined from previous cycles.

During January-March 2024, TCS reported a net reduction of 1,759 employees, bringing its workforce to 601,546 as of March 31, 2024—the lowest headcount in the past two years. This marks the third consecutive quarter of declining total headcount, with a reduction of 5,680 employees in the October-December 2023 quarter and a total workforce reduction of 13,249 employees in fiscal year 2023-24.

The attrition rate in the IT services sector continues to decrease, standing at 12.5% during the March 2024 quarter.

Milind Lakkad commented, “The reduced attrition rate of 12.5%, combined with positive responses to our campus hiring, increased customer engagements, and employees returning to the office, has fostered a vibrant atmosphere in our delivery centers and boosted the morale of our associates.”

Tata Consultancy Services reported a 9.1% growth in net profit for the March quarter, reaching Rs 12,434 crore. For the fiscal year 2023-24, the company’s net profit increased by 9% to Rs 45,908 crore, as per an exchange filing.

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