Tata Consultancy Services, which employs over 100,000 workers, has said it would cut 1.5 per cent from employees' salaries in the fourth quarter, as it fell short of certain financial targets following a sharp rise in the value of rupee against dollar and the slowdown in the US Economy.
"Employees with experience of two years and above across the company who were unable to meet the performance requirements of our company are asked to look for other jobs commensurate with their abilities," TCS spokesperson Pradipta Bagchi said.
He, however, asserted that no employee has been sacked or fired. As a policy the only time when TCS dismisses people is for disciplinary reasons, he added.
The company had said that the salary cut would be in the variable component, which accounts for 30 per cent of the total pay of the employee.
TCS' decision comes on the heels of global IT major IBM getting rid of a large number of its entry-level trainee programmers across major offices in the country on the grounds of performance.