Cognizant Postpones Salary Hike For Eligible Employees To August 2024: Report
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IT major Cognizant deferred salary hikes for its ‘eligible’ employees to August, a media report stated citing sources. This essentially delays the increment process for the employees of the firm by about four months, against the raises distributed a year earlier.
The firm has about 3,47,000 employees globally, and about 2,54,000 of them are based in India. The claim about the salary hike was reported by Moneycontrol citing sources. The news report added that Cognizant confirmed the deferment to the news organisation.
In a statement issued by the IT firm to Moneycontrol, it said, “We are committed to recognising the hard work and dedication of our associates through annual merit increases and bonuses. As part of this commitment, the merit increases for eligible associates will be awarded this year on August 1. Importantly, the majority of our associates have seen four merit increases within three years, with the last cycle being April 1, 2023.”
The delay in the salary hikes comes amidst a slowdown in the IT industry globally. The firms in the sector are clocking tepid demand due to macroeconomic issues.
The firm further informed that it also rewarded annual bonuses to eligible employees globally. “This continuity underscores our dedication to consistently acknowledge the contributions of our talented associates,” the report stated citing the IT firm.
This development essentially means that a majority of Cognizant employees would now have received 4 hikes in three years, with the first being in October 2021, followed by October 2022, April 2023, and August 2024.
Notably, the firm reported a decline of 1.7 per cent in the revenue during the October-December quarter to $4.76 billion on a year-on-year (YoY) basis. Sequentially, the decrease stood at 2.9 per cent. The firm noted that discretionary spending by clients remained weak.
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