Amidst ongoing rough patch in IT industry, which is resulting in massive job losses and cost-cutting implementations, major companies in India are deliberately postponing the annual hikes for their existing employees.
After Tech giant Infosys delayed the yearly hike by almost three months (from March to July), another firm has recently joined the league and sent out an official mail to employees saying that the hike letters are kept on hold till October.
Cognizant Technology Services (CTS) was recently in the news for issuing pink slips to as many as 6000 employees and now, a cost-cutting move by company – i.e delay in yearly pay-hike. On Thursday afternoon, the IT company mailed its staff to wait until October to for revision of compensation and promotions.
In its mail, Cognizant notified that senior associates above manager level will take home a lump sum money as hiked salary every month, besides the performance-based bonuses. And employees below the manager level will receive a hike on basic salary, like in the past.
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