TCS announces Rs 2,628 cr bonus for employees

Country's largest software services firm Tata Consultancy Services on Thursday said it will give out one-time bonus to employees that will cost it Rs 2,628 crore (Rs 26.28 billion).

TCS will pay employees a Special Reward or one-time bonus to mark the 10th anniversary of the company's initial public offering in August 2004, TCS said in a statement.

For the company, the total consideration for this special reward will be Rs 2,628 crore, it added.

Globally, all employees who have completed at least one year of service will be eligible for the special bonus payment.

The company had 3.18 lakh employees as of October- December, 2014 quarter.

Each employee will be given a reward equivalent to one week's salary for every year of service completed at TCS, it added.

"Today, we act as a strategic partner to many global customers and TCSers are well-known for their ability to execute, innovate and provide leadership in the customer’s context," TCS CEO and Managing Director N Chandrasekaran said.

This Special Reward to employees acknowledges the role the employees have played in building TCS into one of the most respected and valued technology services companies in the world, he added.

TCS went public in August 2004 listing its shares on the Bombay Stock Exchange and the National Stock Exchange.

It has since become the company with the highest market capitalisation in the Indian stock market.

The Mumbai-based firm will announce its financial results for the fourth quarter and fiscal ended March 31, 2015 in the evening today.