2.5 lakh employees of software services giant Tata Consultancy Services (TCS), India's biggest private sector employer and top recruiter of women will dole out a special reward amounting to Rs.2,628 crore ($423 million), probably the biggest-ever bonus payout by an Indian company .
TCS will gift staffers one week's salary for every year of service completed, to mark 10 years of its listing on the Indian bourses. The bonus will dip into TCS' cash reserves of Rs.23,000 crore, the biggest beneficiary of the largesse will be TCS lifers including CEO and MD N Chandrasekaran.
The 51-year-old Chandrasekaran, the second highest paid professional CEO in India's IT services sector, joined TCS as a programmer in 1987 and rose to become its boss in 2009. “The special reward to employees acknowledges the role they have played in building TCS into one of the most respected and valued technology services companies in the world,“ said Chandrasekaran. While TCS employs over 3 lakh people worldwide, the bonus will be applicable to those staffers, based in the country and outside, who have completed at least a year in service. The provision for a onetime bonus, which has dragged down TCS' FY 15 fourth-quarter profits by nearly 31% to Rs.3,713 crore, comes nine months after TCS shelled out Rs.7,835 crore as special dividend to its six lakh shareholders on completing a decade of listing.
TCS will gift staffers one week's salary for every year of service completed, to mark 10 years of its listing on the Indian bourses. The bonus will dip into TCS' cash reserves of Rs.23,000 crore, the biggest beneficiary of the largesse will be TCS lifers including CEO and MD N Chandrasekaran.
The 51-year-old Chandrasekaran, the second highest paid professional CEO in India's IT services sector, joined TCS as a programmer in 1987 and rose to become its boss in 2009. “The special reward to employees acknowledges the role they have played in building TCS into one of the most respected and valued technology services companies in the world,“ said Chandrasekaran. While TCS employs over 3 lakh people worldwide, the bonus will be applicable to those staffers, based in the country and outside, who have completed at least a year in service. The provision for a onetime bonus, which has dragged down TCS' FY 15 fourth-quarter profits by nearly 31% to Rs.3,713 crore, comes nine months after TCS shelled out Rs.7,835 crore as special dividend to its six lakh shareholders on completing a decade of listing.
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