Business
TCS Salary Hike: Here’s What Employees Got This Year And When It Will Reflect
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Tata Consultancy Services announces upto 7% salary hikes for employees, favouring junior and mid-level staff, aiming to boost morale amid high attrition
TCS is aiming to boost morale among employees amid high attrition rates.
Tata Consultancy Services (TCS), the country’s largest IT services firm, has announced salary hikes for a significant portion of its employees, offering increments in the range of 4.5% to 7%. The revised pay packages were formally communicated through letters sent to employees late on Monday night, with the new salaries set to take effect from September, Moneycontrol reported.
The decision comes after months of uncertainty. Earlier this year, the company had indicated that salary hikes might be postponed due to unfavourable market conditions. The uncertainty deepened further when TCS laid off around 2% of its workforce, nearly 12,000 employees. Against this backdrop, the latest announcement has brought relief to nearly 80% of employees who will benefit from the increment.
According to media reports, the hikes have largely favored junior and mid-level staff, while top performers have received more generous raises, in some cases exceeding 10%. Industry observers see this as a strategic move by the company to retain talent and boost employee morale at a time when attrition remains a concern.
In its June-quarter earnings, TCS reported an attrition rate of 13.8%, highlighting the challenge of retaining skilled professionals in a competitive market. Analysts say that the salary hikes, particularly for high performers, could help reduce churn and reinforce loyalty among employees at a crucial juncture for the company.
The development is also being closely watched by the broader IT sector, which has been grappling with global demand slowdown, cost pressures, and workforce realignments. By opting for a hike instead of a freeze, TCS has signalled its intent to stabilise its workforce and send a message of confidence despite ongoing headwinds.
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Car prices: Mahindra cuts rates by up to Rs 1.56 lakh after GST reform; XUV700, Thar, Scorpio see big drops – The Times of India
Mahindra & Mahindra on Saturday announced a reduction of up to Rs 1.56 lakh across its passenger vehicle range, passing on the benefit of the GST rate cut to customers.The move comes after the revamped Goods and Services Tax (GST) structure was cleared at the 56th GST Council meeting on September 3. The revised prices for all applicable internal combustion engine (ICE) models are effective from September 6 and have been updated across dealerships and digital platforms, the company said in a statement, PTI reported.Among specific models, the Bolero/Neo range has become cheaper by Rs 1.27 lakh, while the XUV3XO petrol and diesel variants are down by Rs 1.4 lakh and Rs 1.56 lakh, respectively. Prices of the Thar 2WD (diesel) and Thar 4WD (diesel) have been reduced by Rs 1.35 lakh and Rs 1.01 lakh, respectively. The Scorpio Classic has seen a Rs 1.01 lakh cut, the Scorpio-N a Rs 1.45 lakh cut, the Thar Roxx a Rs 1.33 lakh cut, and the XUV700 a Rs 1.43 lakh cut.The Mumbai-based automaker said the cuts are aimed at ensuring transparency and giving customers the full benefit of the GST rationalisation.Other automakers, including Tata Motors and Renault India, have also announced price reductions following the GST reform.
A programme providing school holiday clubs for thousands of children in Cornwall has been extended.
The Time2Move holiday programme supports families with activities and healthy food for children aged between five and 16, and is fully funded for those eligible for benefits-related free school meals, the government has confirmed.
The government announced a three-year extension for the scheme, as part of a £600m investment nationally.
The programme is run by Active Cornwall, which brings together providers across the county, and said £8m had been invested in it since 2021.
Tim Marrion, partnership manager at Active Cornwall said: “We know that school holidays can bring particular challenges for families on lower incomes and children can face triple inequalities of social isolation, poor diet and low levels of physical activity over the holiday periods.
“Through our Time2Move programme we make a real difference for over 12,000 children and their families each year, so this funding extension is very welcome news”.
The programme is fully-funded by the Department for Education and is known nationally as the Holiday Activities and Food Programme.
New Delhi: The Government of India has rolled out new rules for the Unified Pension Scheme (UPS). This gives central government employees an option to switch under the National Pension System (NPS). Effective from April 1, 2025, the scheme ensures employees get an assured payout after retirement, offering more security for their post-retirement years.
The Finance Ministry has announced that September 30, 2025 will be the last date for eligible employees and retirees under NPS to switch to the Unified Pension Scheme (UPS). After this deadline, those who decide to continue with NPS will not be allowed to shift to UPS later.
Unified Pension Scheme (UPS) Explained
The Unified Pension Scheme (UPS) is a new option introduced under the National Pension System (NPS) for central government employees. It gives them the benefit of an assured payout after retirement, ensuring financial stability in their later years. The scheme officially came into effect on April 1, 2025. (Also Read: Hurry! Only 10 Days Left To File ITR—Check If You Have Filed It Correctly)
UPS vs NPS: Key Differences
While NPS returns can fluctuate with the market, UPS carries low risk since the pension is guaranteed. Under UPS, employees get a minimum assured pension of Rs 10,000 per month after completing 10 years of service, regardless of market performance. (Also Read: Neutral On Indian Equities, GST Reforms To Boost Consumption: Report)
Who Can Opt for UPS?
Only central government employees currently enrolled under NPS can apply for the Unified Pension Scheme (UPS). To be eligible, you must:
– Be a serving central government employee as of April 1, 2025
– Already be registered under the NPS
– Wish to shift to the new UPS for assured pension payouts
How to Switch from NPS to UPS (Online Process)
Step 1: Visit the eNPS Portal
– Go to: eNPS Portal
– Select “NPS to UPS Migration” under the Unified Pension Scheme section
Step 2: Enter Your Details
– Enter your PRAN (Permanent Retirement Account Number)
– Enter your Date of Birth
– Fill in the Captcha and click “Verify PRAN”
Step 3: OTP Verification
– An OTP will be sent to your registered mobile number or email ID
– Enter the OTP to continue
Step 4: Accept the Declaration
– A declaration window will appear
– Tick the acceptance box and click “Proceed to e-Sign”
– Note: Once submitted, this choice is final and cannot be changed
Step 5: e-Sign Using Aadhaar
– Enter your Aadhaar number or Virtual ID (VID)
– Click “Send OTP”
– Enter the OTP received on your Aadhaar-linked mobile number and click “Verify OTP”
Step 6: Get Confirmation
– Your migration request will be submitted
– An Acknowledgement Number will be generated
– Download the e-signed migration form for your records//
Offline Option to Apply for UPS
If you prefer the offline route, you can also apply for UPS through forms. Here’s how:
Download the Form: Get Form A2 from NSDL UPS Portal. (Form A1/A2 may be used depending on eligibility.)
Submit the Form: Fill it and get it verified by your Head of Office.
Approval Process: The form is then routed through the DDO → PAO/CDDO → Central Recordkeeping Agency (CRA).
PRAN Allocation: The CRA will generate your Permanent Retirement Account Number (PRAN).
First Contribution: Your first contribution must be credited within 20 days of application or joining date.
Family Pension Under UPS
If the pension holder passes away after retirement, the legally wedded spouse will receive a family pension equal to 60 per cent of the payout that the pension holder was getting just before their demise. This applies to the spouse who was legally married at the time of retirement (whether superannuation, voluntary retirement, or retirement under FR 56(j)).
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Car prices: Mahindra cuts rates by up to Rs 1.56 lakh after GST reform; XUV700, Thar, Scorpio see big drops – The Times of India
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