Milind Lakkad, CHRO of TCS had rolled out the email to all employees that “a decision has been taken to pay 100% of the quarterly variable pay (QVA) to all employees up to C2 or equivalent grades covered under this plan.”
Tata Consultancy Services (TCS) has rolled out 100% variable pay for employees up to C2 grade, while employees above the grade would be awarded variable pay as per their performance, for the Q3 of FY 2022-23.
Milind Lakkad, CHRO of TCS had rolled out the email to all employees that “a decision has been taken to pay 100% of the quarterly variable pay (QVA) to all employees up to C2 or equivalent grades covered under this plan.”
The email further added that the individual payout for C3A or equivalent grades and above may vary depending on the business unit's performance.
An employee of the company explained that C3A grade and above at TCS houses mid to senior-level employees. He explained, “C2 grade has employees with a minimum 4 years experience, so relatively they are not very senior. Above that is a C3A grade. The positions start with Assistant Consultant. C3A is sort of entry into mid-level and above that is mid to senior level positions.”
In Q2 FY 2022-23, the company released variable pay to 70% of employees, while others had been awarded variable pay as per business unit performance.
Moreover, the firm had also recently announced that the firm is gearing up to hire 1.25 lakh techies in India.
The IT services company announced its quarterly results for Q3 FY 2022-23 on Monday. TCS reported an 11% year-on-year (YoY) rise in profit at Rs 10,846 crore for the December ended quarter compared with Rs 9,769 crore in the corresponding quarter last year.
