Cognizant India spent $130 million for wage hikes last year – Times of India

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BENGALURU: Cognizant promoted 42,000 employees in the 2021-22 financial year, a filing with the Ministry of Corporate Affairs and available on data platform Tofler shows.
The company spent $130 million in the year for merit-based and off-cycle increments.
Proactive merit effective April 1, last year, covered 13,810 employees up to associate director levels with a spend of $36 million and average increase of 14%.
It rolled out target merit assessment effective July last year, covering 34,216 employees with a spend of $65 million and an average increase of 12%.
The eligibility for merit increases were based on the employee’s performance rating and the grade levels.
Cognizant Technology Solutions India’s revenue rose 14% to Rs 33,979 crore in the year. Net profit dropped 7% to Rs 2,996 crore.

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