TCS announces salary hikes of 4.5-7% for majority of employees

India's largest IT services company, Tata Consultancy Services (TCS), has rolled out salary hikes in the range of 4.5-7 percent for a majority of its employees, according to sources, PTI reported.

The Tata group giant began sending increment letters late Monday evening, with the raises becoming effective from September.

Also Read: TCS to halt senior IT hiring, globally pause salary hikes: Report

The announcement comes after a turbulent few months for the IT major. In June, TCS announced a deferral of salary hikes amid uncertain market conditions, followed by a surprise decision to reduce its workforce by around 2 per cent (12,000 employees).

However, in a turnaround, the company recently announced hikes for nearly 80 percent of its employees.

Also Read: TCS layoffs hint at broader job cuts as IT ditches scale hiring for skills-based model

Sources in the report added that top performers have received hikes exceeding 10 percent, while most of the increments have been extended to employees in the lower- and mid-levels of the corporate hierarchy.

The salary revision comes at a time when the company reported a slight uptick in its attrition rate, which stood at 13.8 percent in the June quarter, the report added.

An official response from TCS on the development its still awaited, according to the report.

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