Cognizant offers voluntary separation package to 400 mid, senior managers

Nearly 400 mid-to-senior level managers at the $17-billion Cognizant Technology Solutions have been offered a voluntary separation package (VSP), mostly aimed at employees working in the US.

The Nasdaq-listed Cognizant employs nearly 2.90 lakh employees globally, with over 75 per cent in India. After Tata Consultancy Services, it is the second largest IT company in India.

The VSP comes at a time when the Covid-19 crisis has caused disruptions across all industries, including IT services. However, sources said the package is part of Cognizant’s announcement in September 2019.

The company had then said that to improve its cost structure and advance its growth agenda, it had made the difficult decision to remove 10,000-12,000 mid-to-senior level associates worldwide from their current roles in the coming quarters.