Indian firm TCS hands out bonuses worth $423 million

To mark the 10th anniversary of its IPO in 2004, Tata Consultancy Services (TCS) announced a one-time bonus for employees worth Rs 2,628 crores, or $423 million.

The reward is applicable to all employees globally who have completed at least one year of service. They will receive a bonus payment equivalent to one week’s salary for every year of service completed at TCS.

N Chandrasekaran, CEO and MD of TCS, said: "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."

ALSO READ: Tech giants woo new mothers through enhanced maternity leave policies

"This special reward to employees acknowledges the role they have played in building TCS into one of the most respected and valued technology services companies in the world."

TCS went public in August 2004 listing its shares on the Bombay Stock Exchange and the National Stock Exchange, and has since gained the highest market capitalisation in the Indian stock market.