This comes as the country's largest IT firm reported its weakest September-quarter sequential revenue growth in three years
Senior staff at India's Tata Consultancy Services will miss out on quarterly bonuses after the company failed to meet performance targets, according to an internal memo seen by Reuters, the first time in at least two years all variable pay was withheld for some workers.
"For associates C3A grade and above, there will be no QVA (quarterly variable allowance) this quarter. This decision was taken after careful consideration as our performance for the quarter fell short of internal targets," said Sudeep Kunnumal, chief human resource officer in the memo.
Associates in C3A and above grades are employees with typically 7-10 years of experience up to senior-level management. The junior-level employees will get 100 per cent of the eligible pay, the memo added.
Mails sent to TCS did not elicit a response. Employees, speaking on the condition of anonymity, said typically the company awards 50-100 per cent of variable pay and it is the first time in at least two years that the company has explicitly said no bonuses shall be awarded.