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TCS announces salary hikes: Up to 8% increase for Indian employees, 2-4% for international staff

TCS is set to implement salary hikes for its employees, with Indian staff expecting a 7-8% increase and international workers anticipating a 2-4% raise. Exceptional performers may see a rise of 12–15%.

Edited By: Nitin Kumar @Niitz1 New Delhi Published on: March 19, 2024 21:38 IST
TCS
Image Source : REUTERS TCS announces salary hikes: Up to 8% increase for Indian employees, 2-4% for international staff.

As the end of March approaches, anticipation for annual appraisals builds up among employees. However, details regarding the expected salary hikes at Tata Consultancy Services (TCS) have surfaced online ahead of the official appraisal period. Sources familiar with the matter revealed to Business Standard that TCS is gearing up to implement salary revisions for both offsite and onsite employees in the upcoming fiscal year.

Hike details

  • Offsite staff, primarily based in India, can expect increments ranging from 7-8 per cent.
  • Onsite employees, operating internationally, are set to receive a salary hike of 2-4 per cent.
  • Exceptional performers may see a significant rise of 12-15 per cent.

These salary adjustments, slated to come into effect on April 1, 2024, follow TCS's recent compensation review. With a headcount of 603,305 as of December 31, 2023, the promotion process is likely to be postponed to the first quarter of FY25.

Company response

While TCS has remained mum on specific details, insiders suggest that the salary increment process is nearing finalisation. However, promotions, particularly at senior levels, face scrutiny due to cost considerations.

Financial context

Despite TCS's robust financial performance, with a net profit of Rs 11,058 crore in the quarter ended December 31, 2023, the company saw a decline in headcount for the second consecutive quarter. Reports indicated a reduction of 5,680 employees in the December quarter.

Office return policy

Amidst ongoing concerns about office returns, TCS recently extended the deadline for employees to return to the office until the end of March. COO NG Subramaniam emphasised strict consequences for those failing to comply with the return-to-office mandate, signalling a zero-tolerance approach to further delays.

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