Another BIG tech company announces annual compensation hike after Wipro and TCS

New Delhi: IT giant Cognizant has chosen to implement annual compensation increases for its staff, following in the footsteps of Tata Consultancy Services (TCS), Infosys, and Wipro. According to those with knowledge of the situation, Cognizant employees may receive an average compensation boost of up to 10% this year.

The Higher Jersey-based software company, according to a story in the Economic Times, informed its staff last week that they would be receiving "official eLetters" with the new salary throughout the week, with the raises taking effect from October for levels up to associate director.

Days have passed since Indian competitors announced compensation increases. Tata Consultancy Services (TCS) made a significant announcement last week addressing the employees' variable compensation. TCS announced that 70% of the workers will earn 100% variable pay, starting the holiday spirit early. Additionally, the performance of the remaining 30%'s business units will determine how much they are paid.

Similarly, Thierry Delaporte, CEO and Managing Director of Wipro said the company will pay out 100 per cent of variable pay to 85 per cent of its employees for the second quarter of financial year 2023. Speaking at a press meet following the second quarter results, he also said the company has promoted more than 10,000 employees and increased salaries across bands.