Cognizant India Ramped 42,000 Employees In FY22, Spent Millions On Salary Increases; Check How Much

Cognizant India

Cognizant India Ramped 42,000 Employees In FY22, Spent Millions On Salary Increases; Check How Much

October 23, 2022: Cognizant India Ramped 42,000 Employees in FY22, Spent Millions on Salary Increases; check how much

Meanwhile, on October 17, the company began granting annual salary increases to its staff, joining peers such as Tata Consultancy Services (TCS) and Wipro in implementing merit pay increases (MSI) in the face of mounting macroeconomic headwinds and a tight job market.

Cognizant employees will see an average salary increase of up to 10 percent this year. New Delhi: IT company Cognizant gave promotions to around 42,000 employees in the fiscal year 2021-22 and spent millions on salary increases.

The New Jersey-based software services company spent $130 million (over Rs 1,000 crore) in the year for merit-based and off-cycle raises.

Cognizant promoted 13,810 employees to associate director levels, spending $36 million, an average increase of 14 percent, in proactive merit as of April 1 of last year.

In addition, the IT firm implemented an objective merit evaluation starting in July last year. Meanwhile, on October 17, the company began granting annual salary increases to its staff, joining peers such as Tata Consultancy Services (TCS) and Wipro in implementing merit pay increases (MSI) in the face of mounting macroeconomic headwinds and a tight job market.

Last week, Cognizant told its employees that “formal electronic letters” with the new salary package and hike would be sent out at the end of the week, and that the increases would take effect at beginning in the October for levels up to the associate director and the seniors, according to a report from ET
With this, Cognizant employees will see an average salary increase of up to 10 percent this year.

Meanwhile, Cognizant Technology Solutions India reported a 14% rise in revenue to Rs 33,979 crore for the year, while its net profit fell 7% to Rs 2,996 crore. Cognizant is scheduled to announce its third-quarter results early next month.

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