India’s largest IT services company, Tata Consultancy Services (TCS), has announced salary hikes in the range of 4.5-7 per cent for almost 80 per cent of its employees, sources said on Tuesday.
While the company has not dished out any official announcement yet, the Tata group firm did start sending letters of increment to its employees from late Monday evening, sources confirmed.
The increments, which were mentioned in a company statement in August, will be applicable from September.
Also Read: After layoff notice, TCS to roll out wage hikes for 80 pc workers
The salary hike announcement, however, was followed by news of at least 2 per cent workforce being fired in the next few months, amounting to as many as 12,000 employees.
As per media reports, most of the employees eligible for the hike were in the lower to mid-levels of the hierarchy, with some of the best performers receiving hikes of over 10 per cent as well.
Hazy market conditions amidst the dominance of Artificial Intelligence (AI) have been plaguing IT companies since over two months.
The company had reported an inching up of the attrition rate in its June quarter earnings at 13.8 per cent.
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