Coronavirus impact: TCS not to retrench employees, freezes salary hikes

Largest Indian software exporter TCS on Thursday said it will not retrench any of its nearly 450,000 employees, but has decided not to give any salary hikes this year.

The Tata group company said it will honour each of its commitments on new hires by taking all the 40,000 people who have been given offers on board, unlike some other blue-chip companies that are reportedly having a relook.

The company reported a healthy profit jump for the March quarter, but hinted at very difficult time in the first two quarters of the current fiscal due to Covid-19 crisis, including a revenue contraction.