Latest news with #Krithivasan
Hans India
6 hours ago
- Business
- Hans India
TCS CEO earns Rs 26.5 crore as IT major announces massive layoffs
New Delhi: Information Technology giant Tata Consultancy Services (TCS) CEO K. Krithivasan received a total annual compensation of Rs 26.5 crore, after a 4.6 per cent increase from the previous year, TCS's annual report for FY25 has revealed. Krithivasan's salary comprised a base salary of Rs 1.39 crore, alongside Rs 2.12 crore in benefits, perquisites, and allowances, as well as Rs 23 crore in commission, according to the latest annual report. Netizens and IT employees were irked that his pay was 329.8 times the median employee salary. Praveen Chakravarty, a netizen, posted on X: 'TCS CEO pay: Rs 35 cr; Top 5 leadership: Rs 40 cr; Avg employee: Rs 15 lakh. If top 100 took small pay cuts, it can save 12,000 jobs. Their lives won't be terrible at Rs 2.5 cr pay vs Rs 3 cr. For 12,000 families, lives will be miserable at 0 pay vs Rs 15 lakh. AI is real; mass layoffs need not be". Other officials at the top also received enormous compensation. Former Chief Operating Officer and Executive Director of TCS, NG Subramaniam, received a salary of Rs 11.55 crore until May 2024, following which he stepped down from his roles at the company. The payment included a base salary of Rs 30 lakh, Rs 7.24 crore in benefits, and Rs 4 crore in commission. Each of the non-executive directors, Hanne Sorensen and Pradeep Kumar Khosla, was paid Rs 2.74 crore. Independent director Keki Mistry received Rs 3.06 crore in total compensation, which included Rs 3 crore in commissions and Rs 5.7 lakh as sitting fees N Chandrasekaran, Chairman, received Rs 2.1 lakh as sitting fees, and no commission. India's largest IT services firm, TCS, announced to lay off approximately 2 per cent, or 12,261 employees, from its global workforce this fiscal, citing a strategic change in operations. The layoffs primarily targeted middle- and senior-grade employees. The IT major said that the layoffs are not motivated by cost-cutting or automation, but rather by the challenges of redeploying talent whose current roles no longer align with the company's evolving skill requirements. The IT giant is currently focusing on large-scale deployment of artificial intelligence (AI) and other new technologies, which are reshaping demand across the IT sector.
India Today
7 hours ago
- Business
- India Today
TCS CEO's salary in focus amid mass layoff plan. Here's how much he earns
Tata Consultancy Services (TCS), India's largest IT services firm, is in the news again, this time not for its profits, but for its people. Recently, the company announced plans to cut around 12,000 jobs in the current financial year. At the same time, the salary of its CEO and MD, K Krithivasan, has sparked debate AFFECTING THOUSANDSTCS recently confirmed it will let go of about 2% of its workforce in FY26, which translates to roughly 12,000 employees. Most of these layoffs will affect mid-and senior-level staff, and the company says the decision is based on skill mismatches and deployment CEO and MD K Krithivasan told MoneyControl that the layoffs are being driven by skill mismatches and situations where the company has not been able to deploy certain employees. TCS, once seen as a job-safe haven similar to government jobs, is now facing public criticism for its mass layoff SALARY IN THE SPOTLIGHTThe company's layoff announcement has put a sharp focus on CEO K Krithivasan's earnings, especially during a time when thousands of employees are losing their per a report by CNBC, Krithivasan took home Rs 26.52 crore in FY25. This includes Rs 1.39 crore as base salary, Rs 2.12 crore in benefits and allowances and Rs 23 crore as large gap between executive pay and employee cuts has led to a growing debate on corporate responsibility, especially at a time when the company is letting go of such a large number of TREND OR INTERNAL SHIFT?TCS is not alone in facing pressure. Many IT firms across India are cutting back on hiring and reassessing their teams. A report by The Economic Times showed that the top six IT companies added only 3,847 employees in the April–June 2025 quarter, a sharp drop of over 70% compared to the previous said the layoffs are not linked to cost-cutting but are instead aimed at reshaping the organisation for the future. The rise of artificial intelligence (AI) and shifting client needs were also cited as reasons behind the FOR AFFECTED EMPLOYEESTo support affected employees, TCS has assured continued salary during the notice period, severance packages, extended health cover, and assistance in finding new job roles. The company also emphasised that it remains committed to business continuity and client TCS reshapes its workforce for the future, questions over leadership pay and employee well-being continue to dominate discussions within India's tech corridors.- Ends
India.com
11 hours ago
- Business
- India.com
Bad news for IT companies employees as there may be more lay offs due to…, chaos may break out soon, TCS also planning to…
Home Business Bad news for IT companies employees as there may be more lay offs due to…, chaos may break out soon, TCS also planning to… Bad news for IT companies employees as there may be more lay offs due to…, chaos may break out soon, TCS also planning to… TCS CEO and MD K. Krithivasan revealed that about 12,200 employees will be laid off in a phased manner, especially at the mid and senior levels. He described this decision as the 'most difficult'. Bad news for IT companies employees as there may be more lay offs due to..., chaos may break out soon, TCS also planning to... When the country's largest IT company Tata Consultancy Services (TCS) announced the layoff of 2 percent of its employees in FY26, it is considered to be just a beginning. The impact of this decision is now visible on the rest of India's IT companies as well. Experts say that this layoff will deepen due to margin pressure, outdated skills and the rapidly increasing reach of Artificial Intelligence (AI). TCS CEO and MD K. Krithivasan revealed that about 12,200 employees will be laid off in a phased manner, especially at the mid and senior levels. He described this decision as the 'most difficult'. At the same time, HCLTech has also indicated that in the coming months it will also make changes in its global structure and reduce the number of employees in some areas. Why has layoffs become the new trend? Lay offs have become a new normal in the IT industry. Earlier it was limited to performance or bench policy, but now it is being seen as 'AI upgrade' and 'margin focused strategy'. Forrester's research director Ashutosh Sharma said that if a stable brand like TCS can do this, then it will become easier for other companies. Has AI completely changed the way of working? Experts believe that the advent of AI has completely changed the way of working. Many old skills have now become irrelevant. This is the reason why companies are adopting a strategy of giving opportunities to new, AI-friendly talent instead of old employees. While on one hand this change points towards the transformation of the industry, on the other hand it has emerged as a challenge for millions of IT professionals. For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on
Time of India
2 days ago
- Business
- Time of India
Troubles deepen at TCS; Honasa's beauty-tech plan
Troubles deepen at TCS; Honasa's beauty-tech plan Want this newsletter delivered to your inbox? Also in the letter: CS to freeze senior hiring, pause annual salary hikes Details: Onboarding of senior hires has been delayed by over 65 days. At the same time, the company has started phasing out hundreds of bench employees across multiple cities as part of a tighter utilisation push. More to come: Also Read: Past tense: Quote, unquote: Also Read: TCS layoffs draw government attention What's next: Union heat: Also Read: Honasa looks beyond beauty and skincare to new growth categories Driving the news: Growth channels: The numbers: Also Read: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Go Digit's first quarter profit climbs 37% to Rs 138 crore Details: Net profit of Rs 138.3 crore compared with Rs 101.3 crore a year earlier. of Rs 138.3 crore compared with Rs 101.3 crore a year earlier. Total income rose 4% to Rs 2,179.4 crore. rose 4% to Rs 2,179.4 crore. Expenses increased 3% to Rs 2,058.5 crore. increased 3% to Rs 2,058.5 crore. Gross written premium , i.e. the total premium collected before accounting for expenses, up 12% year-on-year (YoY) to Rs 2,981.8 crore. , i.e. the total premium collected before accounting for expenses, up 12% year-on-year (YoY) to Rs 2,981.8 crore. Net premium earned at Rs 1,865 crore. Agritech startup DeHaat posts profit in Q1, says founder Revenue in FY25 was at Rs 3,000 crore, up 11% year-on-year CEO Shashank Kumar said DeHaat's annual revenue run rate was at Rs 4,000 crore. He did not provide the profit and revenue figures for the first quarter. Keeping Count Other Top Stories By Our Reporters Wipro plans to open PCB unit facility: Navi Technologies raises Rs 170 crore via debt round: Mobile testing platform Drizz raises $2.7 million: Global Picks We Are Reading Happy Tuesday! After announcing over 12,000 layoffs, TCS now plans to pause senior hiring and annual appraisals. This and more in today's ETtech Morning Dispatch.■ Go Digit's Q1 report■ Wipro's PCB unit facility■ Navi debt raiseK Krithivasan, CEO, TCSDays after announcing plans to lay off 12,000 employees —roughly 2% of its global headcount—Tata Consultancy Services (TCS) is hitting pause on senior-level hiring and freezing annual salary hikes worldwide, according to people familiar with the slowdown is already say TCS's move could trigger a broader industry reset , with other IT majors likely to mirror the cost-control playbook, as they grapple with soft demand and margin far, no peer has announced layoffs at this scale, but the slowdown is real. TCS added just 5,000 employees in Q1 FY26, while rivals like Infosys have eased off 2017, Infosys, Wipro, and Cognizant collectively laid off thousands of employees due to automation concerns and stricter US visas. Later, between 2020 and 2022, companies carried out silent layoffs by extending bench periods and reducing new firm Jefferies said this may be a 'canary in the coal mine' moment for IT services. 'TCS's move to cut 2% of its workforce may lead to execution slippages in the near term and higher attrition in the longer run for the firm and reflects a weak demand environment for the sector,' the report IT Ministry is closely monitoring TCS's decision to cut 12,261 jobs – roughly 2% of its global workforce – as alarm grows over job losses at India's largest tech firm. Government officials are in touch with TCS, seeking clarity on the rationale behind the ministry may push for more aggressive skilling interventions and wants clearer insight into existing talent gaps. TCS, for its part, said it will offer severance packages, counselling support, and outplacement services to affected union Nascent IT Employees Senate (NITES) has urged labour minister Mansukh Mandaviya to halt TCS's plan to axe over 12,000 jobs , calling the move 'illegal' and demanding the reinstatement of affected its letter, NITES accused the IT giant of sidelining over 600 lateral hires and questioned the fairness of the layoffs, pointing to hefty executive pay packets. The union also called on the government to hold senior leadership Alagh and Ghazal Alagh, founders, Honasa ConsumerHonasa Consumer, the parent company of Mamaearth, is looking to expand into new product lines as its once-flagship brand loses company is exploring a range of beauty tech products, including laser masks, LED light therapy devices, facial rollers, and face massagers, sources told us. These high-margin categories, often associated with Korean skincare and haircare routines, are drawing growing interest from both Indian and global is also doubling down on its newer labels, notably The Derma Co. and Dr Sheth's, which are showing strong momentum. On its Q4 FY25 earnings call, CEO Varun Alagh said these younger grands grew over 30% posted operating revenue of Rs 2,067 crore in FY25, though net profit dipped to Rs 73 crore from Rs 111 crore the previous year. With Mamaearth plateauing, the company is not bettting on premiumisation and innovation to drive its next Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Goyal, founder, Go DigitGo Digit General Insurance on Monday reported a nearly 37% rise in net profit for the first quarter on the back of growth in gross written agritech startup DeHaat posted a net profit for the first quarter of fiscal 2026 due to high-margin private label sales and exclusive agri-input distribution, along with increased focus on exports, storage and food Infrastructure Engineering (WIN) announced a new business division , Wipro Electronic Materials, on Monday, focusing on the manufacturing of high-performance materials for Printed Circuit Boards (PCBs).Flipkart cofounder Sachin Bansal's fintech venture Navi Technologies has raised Rs 170 crore through a debt funding round led by PhillipCapital, with NDX Financial Services, Arpee Commercial Company, Ambit Finvest, and Grey Grass India, among others, taking AI mobile app testing platform Drizz has secured $2.7 million in its maiden funding round , led by early-stage venture capital firm Stellaris Venture Partners. The funds will be used to advance the company's vision AI engine, expand its engineering team and strengthen research capabilities.■ From cheating exposés to dating background checks, TikTok detectives are thriving ( Wired ■ The truly worrying thing about the Coldplay concert scandal ( FT ■ BYD distracted the world while Chinese EV peers staged a coup ( Rest of World
India Today
2 days ago
- Business
- India Today
Tech jobs at risk? TCS lays off 12,000 and Trump wants tech hiring stopped in India, full story in 5 points
Are tech jobs, particularly in India and for Indians, at risk? Tata Consultancy Services (TCS) is laying off 12,000 employees as part of a major restructuring push to become more agile and future ready. At the other end, US President Donald Trump has instructed Big Tech – companies like Google, Microsoft, and others – to stop outsourcing jobs to India in order to boost domestic employment. advertisementNow, both these developments are not directly connected, but for Indian techies hoping to get a new job, or even hold on to their existing employment, all signs point to a future of great uncertainty. What is happening at TCS, which is one of India's top IT companies, or in the US where many young graduates aspire to go to and work, is concerning. There could be a myriad of reasons but one can't help but feel a bit shaken with the recent turn of those seeking answers and understand what's going on, here's a quick 5-point rundown of all the news and why it is unsettling to say the least: Point 1: TCS to cut 2 per cent of its workforceTCS, which employs over 6.13 lakh people worldwide as of June 2025, will reportedly reduce its headcount by about 2 per cent over FY 2026. This means more than 12,000 TCS employees will lose their jobs. These job cuts will primarily impact the TCS employees in the middle and senior management levels. TCS CEO K. Krithivasan told Moneycontrol that the cuts are part of a broader effort to align skills with changing industry demands rather than a simple cost-cutting exercise. 'This is not because of AI but to address skills for the future,' Krithivasan 2: TCS is automating tasks with AIAlthough TCS has denied that the growing use of artificial intelligence is directly responsible for the layoffs, industry analysts believe AI and automation are key factors influencing staffing needs. TCS has been increasingly automating roles in areas like manual testing, leaving many senior employees struggling to adapt to these emerging technologies. While TCS has been deploying AI at scale and retraining its employees, Krithivasan admitted that the ongoing redeployment 'hasn't been effective' in all cases, making layoffs 3: Severance packages by TCSThe job cuts at TCS will be carried out in the coming days, and the company has assured it will offer affected staff members severance packages, salary for the notice period, extended health insurance, and outplacement assistance. The company has also revealed that it is updating its bench policy to focus on keeping employees engaged with client projects. Krithivasan said this change is designed to 'put positive pressure' on staff so they can remain active instead of being unassigned for too 4: Trump asking tech companies to hire AmericansEarlier this month, US President Donald Trump called on major technology companies such as Google and Microsoft to halt hiring from overseas, including in India. Speaking at the AI Summit in Washington, Trump criticised what he described as the 'globalist mindset' of tech firms and said they should be 'all in for America.' He added, 'Many of our largest tech companies have reaped the blessings of American freedom while building their factories in China, hiring workers in India and stashing profits in Ireland Under President Trump, those days are over.'Point 5: Trump to make it harder for Indians to get jobs in the USadvertisementOn 23 July 2025, President Trump also signed three executive orders as part of a broader 'AI Action Plan'. With this plan Trump aims to strengthen US leadership in artificial intelligence. The plan also orders to fast-track the construction of AI infrastructure in the US, including data centres and energy sources, mandate 'politically neutral' or 'non-woke' AI models for all federal AI procurement, and encourage building the entire 'AI tech stack' within the orders ask tech companies getting federal money not to outsource AI work abroad and also mentions that US states with stricter AI rules could see their government funding reduced. The immediate impact of these orders on Indian IT service exports may be limited, since the rules are largely aimed at the federal contracts and infrastructure projects. It does signal at the tighter regulations and growing barriers for Indian firms and techies looking to work in or with the US.- Ends
