IT Major TCS Clarifies on Lay Offs and Salary Hikes amid COVID-19!

IT major Tata Consultancy Sevices (TCS) on Thursday said it will not lay off any of its nearly 4.5 lakh employees but has decided not to roll out salary hikes this year.

Unlike some other companies that are reportedly having a relook, TCS said it will honour all the 40,000 job offers it has made.

"Every offer that we have made will be honoured. We do not see any retrenchments," TCS MD and CEO Rajesh Gopinathan was quoted as saying by ET.

"We have given out 40,000 offers to freshers and all of them will be onboarded as the year proceeds ahead. Typically, colleges and universities will be on till June, and then the students will start joining," Head of Human Resources Milind Lakkad was quoted as saying by ET.

Despite reporting a healthy profit jump for the March quarter, TCS hinted at tough time, including a revenue contraction, in the first two quarters of the current financial year owing to COVID-19 crisis.