Good news for TCS employees: Significant salary hikes and promotions anticipated
Tata Consultancy Services (TCS), India’s leading IT services company, is set to bring cheer to its off site employees with an anticipated salary hike of 7-8 percent. Onsite employees can also expect a 2-4 percent increase in salaries for the fiscal year 2024-25, with top performers potentially receiving a substantial raise of 12-15 percent.
With a workforce of over 603,000 employees, TCS is gearing up for promotions, a process that may extend into the first quarter of FY-25. While specifics are yet to be officially disclosed, the salary revisions are expected to come into effect from April 1, 2024, following TCS’s recent compensation review.
Although TCS has not released an official statement regarding the salary hike, Chief Human Resources Officer Milind Lakkad previously hinted at significant pay raises for exceptional performers during the last annual compensation review in 2023. However, promotions, especially at senior levels, are under close scrutiny due to cost considerations.
Despite a decline in headcount for the second consecutive quarter, TCS remains financially robust. In the quarter ended December 31, 2023, the company reported a net profit of ₹11,058 crore, reflecting a 2 percent increase from the previous year.
The company’s commitment to rewarding exceptional performers was reaffirmed by Lakkad, who stated, “We have given a 12-15 percent raise for exceptional performers in our latest annual compensation review, and also commenced the promotions cycle.”
However, a TCS spokesperson emphasized that the company cannot comment on speculation as per its policy, indicating that official announcements regarding the salary hike and promotions are yet to be made.
