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TCS announces 8-12 percent salary hikes for employees in the country
TCS announces 8-12% salary hikes, 100% variable pay
Tata Consultancy Services, India's largest IT services company, said salaries of employees in India would rise between 8% and 12% in FY17, marginally higher than the raise offered by its rival Infosys.
Bangalore-based Infosys said on Friday it would hike wages by 6-12% for employees in the country.
Even TCS employees in other regions will fare better salary-wise. TCS said it was offering a hike of 2-6% for employees in other regions, compared to the 1.5-2% wage increase announced by Infosys.
TCS has been grappling with higher attrition for the past three quarters and has said it is looking at ways to bring it down.
Infosys human resources head Krish Shankar has said that top performers at the company would be rewarded with much higher pay hikes than the average range and about 20-25% of managerial level staff would also be rewarded with stocks.
TCS also said it would pay out 100% of its employee's variable pay. Infosys handed out 90% of its employee's variable pay.
The difference in pays comes at a time when Infosys has surpassed TCS in terms of growth rates. For the full-year, TCS' revenue grew 11.9% in constant currency terms. Infosys reported 13.3% growth for the year. The National Association for Software and Services Companies had said the industry grew 12.3% in FY16.
Source: techgig.com
