International IT providers big Cognizant Expertise Options has deferred its annual wage hikes this 12 months by 4 months. It now plans to roll them out to eligible workers from August 1, two individuals confirmed to ET.

Final 12 months, the Nasdaq-listed agency had given hikes to workers in April.

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Confirming the event, Cognizant mentioned, “We’re dedicated to recognizing the laborious work and dedication of our associates by way of annual benefit will increase and bonuses. As a part of this dedication, the benefit will increase for eligible associates might be awarded this 12 months on August 1.”

On emailed queries, the IT main additional mentioned that almost all of its associates have seen 4 benefit will increase inside three years, with the final cycle being April 1, 2023.

“The corporate has additionally simply rewarded annual bonuses to eligible associates globally. This continuity underscores our dedication to constantly acknowledge the contributions of our proficient associates,” it added.

In February, Cognizant additionally began calling its India workers to work from workplace 3 times in per week.

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The Teaneck-headquartered firm has over 347,700 workers globally, of which round 254,000 are based mostly in India.The hike delay comes at a time when the software program providers exporters and know-how corporations are witnessing subdued demand with shoppers tightening their budgets because of unsure and strained macroeconomic state of affairs.

For the fourth quarter of FY23 ending December, Cognizant’s income declined 1.7% year-on-year (YoY) to $4.76 billion, a possible eight-quarter low, owing to continued weak point in demand.

It is revenue, nevertheless, rose 7% YoY to $558 million.

For the complete 12 months 2023, Cognizant posted a 0.4% YoY decline in income to $19.4 billion. In fixed foreign money phrases, it was 0.3% decrease.

In FY24, the primary quarter income is predicted to be $4.68 – $4.76 billion, a decline of two.7% to 1.2%, or a decline of three.0% to 1.5% in fixed foreign money, Cognizant mentioned.


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