India’s largest IT services provider company, Tata Consultancy Services (TCS) has said that the IT company gave a salary hike of 6-8% in FY22 and will be looking at similar increments with an upward bias in FY23.
TCS Chief, Rajesh Gopinathan has received Rs 25.76 crore total compensation in FY22. This is nearly a 27% jump from his previous pay- Rs 20.36 crore in FY21. According to the company’s annual report, Gopinathan received a salary of Rs 1.51 crore, benefits, perquisites, and allowances of Rs 2.25 crore, and a commission of Rs 22 crore.
“However, during the course of the year, the total increase is nearly 10.5%, after accounting for promotions and other event-based compensation revisions,” TCS said.
Earlier, on the Salary Hike, Rajesh Gopinathan, CEO & MD, TCS had said, “Overall, we think that salary hikes will be similar from a medium perspective to what was there last year with a slightly upward bias.”
“While there will be pressures in individual markets or individual capability sides, the hiring and the pyramid rebalancing that has happened will also give significant support. We have announced a salary increment with effect from April 1st similar in quantum to prior years”, Rajesh Gopinathan added.
TCS chief operating officer and executive director N Ganapathy Subramaniam received a salary of Rs 1.44 crore, benefits, perquisites, and allowances of Rs 2.24 crore, and a commission of Rs 17 crore.
His total compensation in the last fiscal stood at Rs 20.7 crore, which is a 29% jump from his previous compensation of Rs 16 crore. Gopinathan was appointed for 5 years in 2017, and was re-appointed for a period of five years till February 20, 2027.
TCS has announced to hire 40,000 people from the campus in FY23. The company has added 14,136 employees in the April to June quarter with a total workforce of 6,06,331 employees globally and women account for 35.5 percent of the TCS workforce, the company said in a statement.
Software giant kicking off the corporate earnings season — said its attrition rate further rose to 19.7 percent in the April to June quarter of the 2022-2023 financial year.
In the previous quarter, TCS saw an attrition rate of 17.4 percent.
