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A year since the pandemic, things seem to be improving as several companies have restored original salaries for their employees and a handful have also offered hikes and bonuses.
It's been an extremely tough year for the public, businesses, governments, and industries. Not only have people lost their dear ones to COVID-19, but they have also suffered economically as a result of job losses, pay cuts, and rising unemployment.
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However, a year since COVID-19, things seem to be improving now as several companies have restored original salaries for their employees, and a handful have also offered hikes and bonuses.
Last week, Tata Consultancy Services (TCS) announced the salary hikes for its employees, their second in six months. In a statement, the company confirmed that it was in a position to “give increments to all associates across our geographies effective April 2021, in line with our benchmarks”.
Expressing gratitude to its employees for their resilience and adaptability, TCS said the step was a reflection of its “steadfast commitment to our associates”. Earlier, the company had rolled out salary hikes with effect from October 1, 2020. The new payroll comes into effect from April 1, 2021.
Besides TCS, Infosys and HCL Tech, too, announced hikes in salaries with effect from January following the increasing demand for their services.
Another IT giant, Cognizant, announced at the beginning of March that it was going to offer bonuses to its employees which would be “substantially higher than 2019”. Cognizant India Chairman and Managing Director Rajesh Nambiar said the company recognises professionalism, "client-centricity, work ethic and perseverance of employees globally" during the COVID-19 pandemic, and therefore they were rewarding bonuses above the level of company performance.
Similarly, Accenture also announced a one-time bonus for all its employees globally, barring the level of managing director, last week. The bonus will be equal to one week’s base salary, it said.
In early March, PwC also announced a one-time bonus for its employees in India. The bonus would be equal to two weeks’ pay for its 15,000 employees, the company said.
In October 2020, Infosys had said it would disburse salary hikes from January 1. The IT giant also announced 100 percent variable pay, along with a special incentive for the second quarter.
HCL Technologies has already announced hikes for all of its 1,50,000 employees. Vijaykumar, President and CEO, HCL Technologies, said the company had delivered a stellar Q2 performance, adding it would raise salaries for select staff from October 2020 and others from January 2021.