Cognizant Announces Annual Compensation Hike After Wipro and TCS
IT giant Cognizant has chosen to implement annual compensation increases for its staff
It 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.
They 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.
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% of variable pay to 85% of its employees for the second quarter of financial year 2023.
He also said the company has promoted more than 10,000 employees and increased salaries across bands.