Tata Consultancy Services has announced a salary hike for its workforce of 453,540 employees from 1st October 2020. Tata Consultancy Services has announced to go ahead with the salary hike for all its employees.
After the outbreak of the COVID-19 pandemic, TCS in April had decided to freeze the salary hike decision as a cautionary move.
"The salary increase will be across all bands of employees and it (the quantum) will be similar to what we had done in the past," said Milind Lakkad, the Chief Human Resource Officer at the Tata Group company.
With this development, TCS has become the first among the Indian IT firms to announce a pay increase.
TCS has continued investments in organic talent development with a focus on upskilling and innovative training methods. TCS employees have recorded a 29% increase in learning hours with 10.2 million learning hours in Q2. Over 427,100 have been trained in agile methods while 352,000 employees have been trained in multiple new techs.
IT service attribution rate hills at an all-time low at 8.9 %.
PCS today announced that it would buy back shares worth rupees 1600 crore while reported a 7.1 % fall in quarterly profits.
Consulted net profit for the September quarter fell to 7,415 crores from 8,402 crores a year earlier as the company's set aside rupees 1,218 crores under the exceptional items related to us lawsuit.
Analysts predicted on average a profit of 7,805 crores according to affinitive data.
TCS said its consolidated revenue for the period rose 3% to ₹40,135 crores.