News Analysis India

Tag: TCS

  • Good News For TCS Employees! Company Announces Annual Salary Hikes |

    New Delhi: Amid the ongoing move to cost-cutting, there is good news for IT employees. As the new financial year kicks in, TCS, India’s largest IT services company, has declared annual salary increments for its employees. As per the reports, the top performers are set to receive significant raises.

    Official Confirmation

    Milind Lakkad, the Chief HR Officer, stated, “We are pleased to announce the annual increments for our workforce, with top performers receiving double-digit hikes.” (Also Read: Attention: HDFC Bank’s Special Fixed Deposit Scheme Ending On THIS Date)

    How Much Salary Hike Will Employees Get?

    Now, the question may arise in your mind is that how many hikes will employees get? TCS plans to roll out salary hikes ranging from 4.5 percent to 7 percent. (Also Read: Mobile Recharge Prices Expected To Rise After Lok Sabha Elections)

    What Will Be The Basis Of Salary Hike?

    The annual increment will be based on performance. The high-performers are slated to receive double-digit increases.

    Fresh Hiring

    The company intends to add around 40,000 freshers this year.

    TCS Workforce Reduction

    However, despite hiring plans, TCS reported a net reduction of 1,759 employees in the January-March 2024 quarter, bringing the total headcount to 6,01,546.

    Attrition Rate

    The attrition rate in the IT services sector continued its declining trend, standing at 12.5 percent during the March 2024 quarter. Milind Lakkad mentioned, “The reduced attrition rate, along with positive responses to our campus hiring and increased customer engagements, has fostered a vibrant atmosphere in our delivery centers.”

    Financial Performance

    Tata Consultancy Services reported a 9.1 percent growth in its net profit for the March quarter, reaching Rs 12,434 crore. The company’s net profit for the fiscal year 2023-24 increased by 9 percent to Rs 45,908 crore.

    Revenue for the March quarter grew by 3.5 percent to Rs 61,237 crore year on year, with an operating profit margin expansion of 1.5 percent to 26 percent.

  • US Tech Workers Accuse IT Company Of Replacing Them With Indian H1-B Visa Holders: Report |

    New Delhi: A group of American professionals have accused TCS claiming that they were abruptly terminated from their positions. The employees who were fired were replaced by workers from India in H1-B visas, as per reports by Wall Street Journal. Allegations of illegal discrimination based on race and age have been raised, with the American workers contending that TCS favored lower-paid Indian immigrants for their roles.

    Minimum of 22 American workers have accused TCS of being engaged in unlawful discrimination based on race and age, as per complaints submitted to the Equal Employment Opportunity Commission (EEOC). These ex-employees from various ethnic backgrounds, ranging in age from their 40s to 60s, allege that TCS terminated their employment suddenly and replaced them with Indian immigrants on H-1B visas who were paid less. (Also Read: Elon Musk’s X Is Testing ‘Adult Content’ Communities Feature For Users)

    As per the WSJ report, numerous dismissed employees possess advanced degrees like MBAs. American professionals claim that the Indian IT company may have violated the law by singling them out based on age and race. Moreover, they have also accused TCS of ‘preferential treatment’ favoring Indian workers in the US who hold coveted visas. (Also Read: Man Orders Rs 22,000 Phone, Gets Stones Instead; Flipkart Responded)

    TCS dismissed the allegations as baseless, stating that it has never participated in illegal discrimination. “TCS has a strong record of being an equal opportunity employer in the US, acting with integrity in its operations,” a spokesperson for the company informed the WSJ.

    What is H-1B visa program?

    The H-1B visa program is a type of work visa for nonimmigrants which enables American employers to recruit foreign workers possessing specialized skills for employment within the United States for a designated duration. Typically, H-1B visa holders are employed for three to six years, and they may have the opportunity to extend their stay if they pursue permanent residency through the Green Card application process.

    TCS is a leading recruiter in the US IT services industry, having recruited more than 21,000 individuals over the last three years. With a workforce of 45,000 employees throughout the US, the company assists clients in their journey towards transformation.