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TCS Salary Hike: Tata Consultancy Services (TCS) will not roll out salary hikes to employees who have completed one year at the company. In an email to its employees, TCS said those completing a year at the tech firm will have to wait another year as the salary hikes for them will be rolled out in 2023.

“There has been a recent revision in TCS policy around the first anniversary. The first increment will be at the subsequent annual increment cycle,” TCS said in its internal email. In its notice to employees, the software firm said those who have completed their first year on April 1 or later will not receive any salary increment or letter over completing a year at the company, according to a report by Livemint.

Earlier, TCS dismissed repprts which claimed that the June variable compensation payout by a month for a section of its employees was delayed while asserting that it will pay out 100% variable pay for its 600,000 plus staff. “We have come across completely incorrect reports on our compensation. Variable pay is either paid in month one or month 2 as per the normal process and there is no delay in this process. 100% VA is being paid for Q1,” a recent statement released by TCS read.

In July, Tata Consultancy Services Ltd said it closed the first quarter of FY23 with revenue of Rs 52,758 crore and a net profit of Rs 9,478 crore. The Board of TCS also declared an interim dividend of Rs 8 per equity share of Re 1 each.

According to TCS, for the period ended June 30, 2022, it had posted a revenue of Rs 52,578 up from Rs 45,411 crore earned during the same period the previous fiscal. The company also said it had logged a net profit of Rs 9,478 crore for the period under review up from Rs 9,080 crore earned during the previous year comparable period.

The company’s workforce stood at 606,331 as on June 30, a net addition of 14,136 during the quarter. The workforce continues to be very diverse, comprising 153 nationalities and with women making up 35.5 per cent of the base, TCS said.

“We are starting the new fiscal year on a strong note, with all-round growth and strong deal wins across all our segments. Pipeline velocity and deal closures continue to be strong, but we remain vigilant given the macro-level uncertainties. Our newAorganisation structure has settled in nicely, getting us closer to our clients and making us nimbler in a dynamic environment. Looking ahead, we remain confident in the resilience of technology spending and the secular tailwinds driving our growth,” Chief Executive Officer and Managing Director Rajesh Gopinathan had then said.