Cognizant offers annual salary hikes as low as 1%
Cognizant Technology Solutions is said to have handed out annual salary hikes as low as 1% to some of its employees as the global technology services giant rolled out increments after deferring them by four months.
The hikes are as low as 1% and the highest is said to be 5%, at least two people aware of the development told ET on the condition of anonymity.
“For a rating of 3, the hike is around 1-3% while a 4 rating has been granted a 4% hike and a 5 rating to an employee is paid an increment of around 4.5% and at the most 5%,” one of the persons said.
Last year, the Nasdaq-listed company had granted salary hikes to its employees in April, ranging from approximately 7% to 11%.
The development of meagre salary hikes comes at a time when Cognizant is widely criticised for offering decadal-low starting salaries of Rs 2.52 lakh per annum, or around Rs 21,000 a month, to freshers through its off-campus recruitment drive starting Wednesday. The measly salary offer has created a stir across social media platforms.
Cognizant did not respond to two separate requests for comment on the hikes and the latest hiring drive till press time Wednesday.
The New Jersey-headquartered company has around 254,000 employees, or about 70% of its total headcount, in India.
It reported a reduction in its total headcount by 8,100 to 336,300 during the quarter ended June. The employee count was lower by 9,300 from a year ago.
Despite being one of India’s large outsourcing firms with a global presence, industry experts suggest that
