No More Salary Cuts For 3.5 Lakh Tata Group Employees; Pre-Covid Salary, Bonuses Will Be Restored
Tata Sons has restored the salaries of top executives who took a 20% pay cut in the backdrop of a worsening pandemic.
Employees will see a restoration of their salary structures by end of the month and increments are in the process of being finalised.
2nd Salary Hike Declared
Not only that but they have also announced the second hike for over 470,000 employees come April.
This is the second such announcement from Tata in under 6 months.
Tata is offering the salary boosts in a gesture of gratitude to the employees who have stuck through thick and thin and continued delivering services and commitment despite health concerns.
TCS, Voltas, Tata Consumer, Titan, Tata Motors, Tata Chemicals, Tata Power, Tata Steel, Trent, and TataCapital have all announced salary hikes and bonuses.
However Tata’s Taj hotels are likely to be excluded from all this since it has not yet bounced back from the pandemic-driven shuttering of services. They have to bear the costs of security. food and electricity.
After Just 6 Months
Tata had announced a company-wide salary hike back in October 2020. The increment was in the 6-8% range.
The current increment will be in the 12-14% average and will go into effect from April 2021.
TCS will also resume its regular promotion cycle in which employees are promoted based on performance.
Holding Down The Fort
Despite the worldwide shutdown early last year thousands were still commuting to and from physical offices.
They were reporting to Indian tech companies and servicing clients abroad.
As a Tata spokesperson put it, these employees formed the backbone of operations supporting “some of the largest health care and pharmacy companies in the world, running technology for governments and public services organisations”.
Were it not for these people, who put their and their near and dear ones’ health in substantial risk, these tech giants would have been brought down to their knees.
Other Tech Cos
Multiple others have also taken the initiative to award their employees with one-time bonuses or hikes.
Expressing gratitude and appreciation of workers who worked through the public health crisis, Accenture declared a one-time bonus equivalent to base pay of one week for all employees below the MD.
Infosys also followed with announcement of hikes and promotions along with a bonus for employees in the final quarter of 2020.
Cognizant reported promotion of 24,000 of its employees worldwide and rolled out performance-based salary increments for 160,000 of its workers.
Between Oct 2020 and Jan 2021 Wipro and HCL Tech have also reportedly awarded increments.