Outlook Business Desk
IT giant Cognizant has started issuing letters to eligible employees regarding bonus payouts which range between 85% and 115% according to a PTI report.
Sources told PTI that Cognizant started sending out eLetters this week notifying employees about their 2024 bonus payouts. The company stated, "Eligible associates will receive their bonus eLetters this week, with payouts distributed across March and April based on each country's payroll schedule."
The company stated that eligible associates will receive their bonuses by mid-March reinforcing its commitment to consistently recognising employee contributions. "We remain steadfast in our commitment to recognising the hard work and dedication of our associates through merit increases and bonuses."
The majority of employees are expected to receive these bonuses making Cognizant the most substantial payout level the company has seen in the past 3 years.
Cognizant has also announced that merit-based salary hikes will take effect on August 1,2025. This follows the last pay increase in 2024 and reflects the company's approach to balancing employee rewards with financial stability.
In a town hall meeting, CEO Ravi Kumar S reassured employees of Cognizant's commitment to performance-based rewards. He highlighted the company's focus on growth, innovation and investments in AI & digital transformation to enhance its market position.
Cognizant's financial strategy aligns with industry trends as IT firms focus on sustainable growth amid economic uncertainties. The company is emphasising efficiency and strategic planning to overcome these challenges.
While the company has not made any public statements on the matter internal communications emphasise Cognizant's commitment to recognising performance despite wider industry challenges.