The country’s No. 1 IT company Tata Consultancy Services(TCS) has announced that it will give its employees a one-time bonus of Rs 2,628 crore to mark the 10th anniversary of the company’s listing on India’s biggest stock exchange in 2004.
The Diwali windfall has come six months in advance for 2.5 lakh employees of software services giant Tata Consultancy Services (TCS). India’s biggest private sector employer and top recruiter of women will dole out a special reward amounting to Rs 2,628 crore ($423 million), probably the biggest-ever bonus payout by an Indian company to employees.
TCS will gift staffers one week’s salary for every year of service completed, to mark 10 years of its listing on the Indian bourses. Staffing firms said this marked a feel-good factor for India Inc at the beginning of the new financial year. Recruitments, HR experts said, are on an upswing now given that new-age companies are attracting talent from across sectors. This has put the spotlight back on employee retention policies of which bonuses are the most popular.
Though the bonus will dip into TCS’ cash reserves of Rs 23,000 crore, the biggest beneficiary of the largesse will be TCS lifers including CEO and MD N Chandrasekaran.
The 51-year-old Chandrasekaran, the second highest paid professional CEO in India’s IT services sector, joined TCS as a programmer in 1987 and rose to become its boss in 2009.
“The special reward to employees acknowledges the role they have played in building TCS into one of the most respected and valued technology services companies in the world,” said Chandrasekaran.
