TCS to fire 1,300 staff in 2009 – TOI
SOURCE: Times of India
DATE: March 8th, 2009
Mohit Soapbox:
Changes in variable pay structure ( mostly downwards) and increase in working hours per week is a common trend being seen across the industry players. With corporate continuing to push rates down cost cutting is being implemented in the firms across multiple streams.
Tata Consultancy Services (TCS) has decided to fire around 1,300 employees or 1% of its global workforce this year. About 100 employees have already been sacked in Chennai alone in the last two weeks, sources in TCS told TOI.
This comes in the wake of recent announcements by the company’s MD S Ramadorai 10 days back that variable pay of employees is being reviewed this year, to counter the tough economic situations across the globe. The IT major has also increased working hours to 45 hours per week from 40 hours effective April 1.
The TCS sources said in the last two weeks alone the company has sacked about 100 people after they were found wanting in their performance appraisal.
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