An American multinational information technology services and consulting company, Cognizant has postponed its annual salary increases by four months, intending to implement them for eligible employees starting from August 1.
Last year, the Nasdaq-listed firm provided raises to employees in April 2023.
As reported by Economic Times, confirming the development, Cognizant stated, “We are committed to recognizing the hard work and dedication of our associates through annual merit increases and bonuses. Merit increases for eligible associates will be awarded on August 1 this year.”
Responding to emailed queries, the IT major stated that most associates have received four merit increases within three years, with the last cycle occurring on April 1, 2023. “This continuity underscores our dedication to consistently acknowledge the contributions of our talented associates”, it added.
Cognizant employs more than 347,000 individuals globally, with approximately 254,000 located in India.
On the other hand, Tata Consultancy Services (TCS) is preparing to introduce salary increments for its workforce in the upcoming fiscal period.
As reported by various media reports TCS is expected to provide offsite employees with an average salary increase ranging from 7-8%, while onsite staff may receive increments averaging between 2-4%.
It is expected that the high performers are anticipated to receive a salary increase ranging from 12-15 percent.
In 2023, the major IT companies Infosys, HCLTech Wipro, and Tech Mahindra delayed their wage hike cycle for the fiscal year
Recently, In the coming year, as part of the company’s Synapse initiative aimed at upskilling one million individuals worldwide by 2026, Cognizant plans to invest in the training of over 70,000 associates across various functions within the company on Google Cloud’s AI offerings.
The company will adopt Gemini for Google Cloud to increase productivity for its software developers and enable more than 70,000 associates on Google Cloud’s latest AI technologies.
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