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Cognizant to roll out pay hikes for 80% employees from November 1
A company spokesperson told PTI that these hikes will be delivered up to the Senior Associate levels. The increase will vary depending on the employee's individual performance and the country.
The pay hikes for consistent high performers is likely to be in higher single digits in India, whereas top performers are expected to get the highest raise, the spokesperson said.
"These increases will be delivered up to, and including, the Senior Associate levels. The amount of these increases will vary depending on individual performance rating and country," a Cognizant spokesperson said on Thursday.
In March this year, Cognizant paid one of the highest bonuses to most of its associates in three years. The bonuses were to the tune of 85-115 per cent.
IT majors tread cautiously
Cognizant's move follows a similar announcement by Tata Consultancy Services (TCS), which recently said it will be providing salary hikes to most of its employees from September 1.
As reported earlier by Business Standard, TCS was the first company to stall hikes in April because of an unfavourable and uncertain macroeconomic environment.
According to media reports, Cognizant had also postponed employee appraisals for a second time in March in an attempt to curb attrition. The implementation was expected in August.
Indian IT firms under strain
Indian IT services companies are grappling with a sluggish global economy, geopolitical tensions, and tariff concerns, prompting delays in appraisals and workforce reductions.
Last month, TCS announced one of its biggest layoffs, letting go of about 2 per cent or 12,260 employees of its 613,069 global workforce.
The move, aimed at making the company more agile, marks only the second large-scale layoff in TCS's history. The previous one was in 2012, when about 2,500 employees were dismissed for underperformance.
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