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TCS(TATA Consultancy Services) handed out a notice to employees on Monday about a impending pay cut on basis of Q3 results.Though no specific amount details are announced but just a general announcement on Monday evening(IST) was made by TCS.
Most employees are clueless about this pay cut, but it is going to be like a recovery for salary already paid out for August-Decemeber 2007.The recovery will be happening in Feb/March 2008. This may be 5-10% of the salary on the variable component.
TCS has a Variable component which depends on the rating a individual recieves on scale of 1-5 (D-A). This component also is linked to companies performance and metrics.This component known as VA which was paid in advance for Q3 will be reduced by almost 20-25% on our estimate. Generally VA is 50% of a person’s salary and increases towards top management.
Soon expect similar steps from Infy,Wipro and other Indian major IT companies.This cut is attributed to Appraising rupee value against dollar.