The country’s and world’s leading IT service provider company Tata Consultancy Services (TCS) paid 100 percent of the quarterly variable allowance (QVA) to more than 70 percent of its employees for the January-March quarter.
According to PTI news, the company clarified that for second grade employees, QVA payment is determined by the performance of their respective business units, which is in accordance with TCS’s established policy for quarters.
Total revenue of ₹64,479 crore in the fourth quarter
According to the news, Tata Consultancy Services reported a 1.7 percent decline in net profit in the March quarter to Rs 12,224 crore, mainly due to margin contraction. It reported a total revenue of Rs 64,479 crore in the fourth quarter of the financial year, which is 5.3 percent higher than the same period last year. The company added 625 employees in the quarter, taking its total employee count to over 6 lakh.
The company had said regarding the salary of 6.07 lakh employees
While announcing its fourth quarter and FY25 earnings last month, TCS had said it would defer annual salary hikes for its 6.07 lakh employees due to business uncertainties created by tariff issues. The company’s chief human resources officer Milind Lakkad cited business uncertainties for the delay in the annual salary hike, which usually starts in April. The company did not give any information on when it would announce the salary hike.
AI does not mean job threat
Ashok Krish, global head of the artificial intelligence (AI) unit of Tata Consultancy Services (TCS), recently said that AI will drive the creation of new technologies and reshape the nature of work. He said that AI should be seen as a catalyst for skill transformation and not a threat to jobs.
