An American multinational information technology services and consulting company, Cognizant has announced the third hike in 18 months for its employees.
The salary hike is a part of the ‘two-merit cycles’ in a year a one-time measure announced by the company in November 2022. This was announced by the company to arrest the rising attrition.
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Business Standard shared the email sent by Ravi Kumar S, the chief executive officer of Cognizant said, “This week, the vast majority of you who are in levels up to Associate Director will receive your 2023 merit pay eLetters. Keep in mind that we advanced this merit increase to be six months earlier in the year, following year-end performance reviews.”
“This means many of you are seeing your third merit increase in 18 months. Over the past couple of years, we’ve invested significantly more in compensation than we have in recent history because of how valuable you, our associates, are to Cognizant’s success,” the email added.
The mail further read, “The Board, executive leadership team, and I are committed to helping Cognizant be the employer of choice in our industry. We will put everything we have into making this happen.”
“Doing so begins with providing continuous training, upskilling, and professional development and ensuring that we have a warm and welcoming, diverse and inclusive organization that is the best place to build a rewarding career. Thank you for your many contributions to Cognizant’s success”, the mail concluded.
The salary hike will be impacting around 300,000 employees globally. The eligible executives at the levels of directors and above. The employees have already received merit increases in January.
Air India Salary Hike
Recently, Air India has also revised the salaries of the employees one year of CTC of a trainee pilot now stands at ₹ 50,000 while a senior commander will earn ₹ 8.50 lakh per month.
Similarly, the salary of a fresh cabin crew has been pegged at ₹ 25,000 per month, whereas the cabin executive will get ₹ 78,000 per month.
TCS Salary Hike: Top-performing employees to get 12-15% hike
Tata Consultancy Services (TCS) is expected to revise the salary of employees as usual. The company employees are expected to get a 100 percent variable payout for the recent quarter.
Milind Lakkad, the Chief Human Resources Officer said, “It is expected that the top performers will receive a 12-15 percent salary hike.”
“Our hikes this year will be similar to what we have been giving. Especially for high performers, we are basically looking to get them to a 12-15 per cent hike… then there is 8, 5, 1.5 per cent — It’s that kind of a number which is coming up for the rest,” Milind Lakkad said.
