IT major TCS to give salary hike to all its employees: Report

Since the Covid-19 pandemic and economic downturn continue to loot businesses across industries, )Tata Consultancy Services (TCS has said it will give all its employees a salary raise. The TCS Human Resources has announced, according to a report in The Times of India, that rise will be given to all employees across all groups in the organization. The TCS HR official also confirmed that, as was the norm earlier in the business, the increase will be granted. In recent months, IT businesses have seen a freeze as the economy has seen a downturn in growth with the raging coronavirus pandemic and the financial sector bleeding from the national lockdown. Although promotions and hikes were ruled out for the year, some businesses resorted to layoffs and salary cuts. For many in the IT business, the salary raise by TCS comes as good news. TCS has also gone on a hiring spree over the past few months, according to the survey, with about 7,000 trainees being recruited in India and 1,000 in the United States. On Wednesday, Tata Consultancy Services said it would buy back up to 160 billion rupees ($2.18 billion) worth of shares and announced a decline in quarterly profit as it set aside 12.18 billion rupees to cover legal fees linked to a US litigation. The company also appointed Samir Seksaria as its chief financial officer, selecting V. Ramakrishnan, who will retire in April next year, to replace the more than two-decade veteran of India's top software exporter. TCS said it would repurchase up to 53.3 million shares at 3,000 rupees per share, a 9.7 percent premium on Wednesday to the closing price of its stock.