IT services firm Cognizant is set to implement salary hikes for “eligible” employees starting from August 1. This move comes after a delay of four months compared to the previous salary cycle in April 2023, as reported by Moneycontrol.
“We are committed to recognizing the hard work and dedication of our associates through annual merit increases and bonuses. As part of this commitment, the merit increase for eligible associates will be awarded this year on August 1. Importantly, the majority of our associates have seen four merit increases within four years, with the last cycle being April 1, 2023,” Cognizant stated in a statement to the website.
The company also mentioned that it has recently distributed annual bonuses to “eligible associates globally.”
“This continuity underscores our dedication to consistently acknowledge the contributions of our talented associates,” the statement emphasized.
Since 2021, a significant number of Cognizant employees have already received three pay hikes, occurring in October 2021, October 2022, and April 2023. With the upcoming salary rise on August 1, this will mark their fourth increase within this period.
The timing of this announcement coincides with Cognizant navigating a “weak demand environment” due to macroeconomic challenges, a trend that has affected other IT companies as well.
Cognizant, headquartered in Teaneck, New Jersey, employs approximately 347,000 individuals globally. Of this workforce, 254,000 (73%) are based in India alone, according to the Moneycontrol report.
