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Good news for TCS employees! Company announces salary hike, effective October 1

Tata Consultancy Services on Wednesday announced a salary hike for its employees effective October 1

twitter-logoBusinessToday.In | October 7, 2020 | Updated 20:44 IST
Good news for TCS employees! Company announces salary hike, effective October 1
TCS announces salary hike

Tata Consultancy Services on Wednesday announced a salary hike for its employees effective October 1. As of September 30, the consolidated headcount of India's largest IT company stood at 4,53,540. The attrition rate touched an all-time low at 8.9 per cent in the given quarter, the company also said in an exchange filing.

"We want to thank all TCSers for the incredible resilience they have shown during these trying times. We are happy to announce that we will be rolling out salary increases, effective October 1. We started onboarding freshers, and increased our recruitment globally in Q2, in anticipation of the growth trajectory we see ahead," said Milind Lakkad, Global Head, Human Resources.

In the second quarter of the ongoing fiscal, the workers of the company logged in 10.2 million learning hours. It is a 29 per cent rise over the previous quarter. More than 3,52,000 employees have been trained on multiple new technologies, while over 427,000 have been trained on Agile methods, the company said.

Meanwhile, TCS reported 4.9 per cent rise in consolidated net profit to Rs 8,433 crore for the September 2020 quarter, and announced up to Rs 16,000 buyback plan. The net profit excluded Rs 1,218 crore-provision towards legal claim. Including this number, the net profit was at Rs 7,475 crore, TCS said. TCS had registered a net profit of Rs 8,042 crore in the September 2019 quarter. Its revenue grew 3 per cent year-on-year to Rs 40,135 crore for the just-ended quarter from Rs 38,977 crore in the last quarter.

Also read: TCS board announces Rs 16,000 crore share buyback

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