TCS to pay 150% of quarterly component of variable pay in Q3
Mumbai: Software exporter TCS on Friday said it would pay 150 percent of the quarterly component of the variable pay this quarter to eligible employees in India pay roll as it reported 29 percent jump in profit for the July-September period.
"Given the strong performance during the (second) quarter, we have decided to pay 150 percent of the quarterly component of the variable pay this quarter, applicable for all eligible employees on India payroll," TCS Vice-President, Head, Global Human Resources, Ajoy Mehta, said while releasing the second quarter earning figures.
The company gave 100 percent of the quarterly component of the variable pay in the first three months of the fiscal.
Earlier in the last quarter of the previous fiscal, it had frozen the variable pay due to global financial meltdown.
Buoyed by robust earnings, the company also "plans to add 8,000 new professionals in October-December quarter. We plan to hire a total of 250 freshers in the US. Of these, 140 have already joined," Mehta said.
The company would go to campuses for hiring in November-December.
Last month, TCS had said that trainees joining in this fiscal would not be eligible for variable pay of about Rs 5,000 a month in the first six months.
For 2009-10, TCS has made campus offers of about 24,800 and the company had said that it would honour the commitments.
TCS posted 29.17 percent jump in net profit for the second quarter at Rs 1,642 crore.
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