1 Week Bonus for every year completed for TCS Employees
This is great news for all TCS employees. TCS has just announced that TCS will be giving bonus to all the employees who have completed at least 1 year in TCS. TCS is giving this bonus since it has completed 10 years in share market ie it has been 10 years since it has been listed.
Well this is very good news to all its employees who were very sad after the shocking news of firing 26 thousand employees in January 2015. TCS management had denied this news but almost everybody in the company knew about it. One of my friend have told me that there has been a mass resignation at senior level in TCS in the previous financial year due to fear of getting fired.
I am an Ex TCS employee and big fan of TCS and this has been a great reward for all my TCS associated who have worked so hard and remain loyal to the company. There used to be some Bonus given to employees who had 4 and 5 Ratings before the 2009 recession.
What will be the exact Bonus calculation for each TCS EMPLOYEE?
As quoted in economic times it would be 1 week of salary for every year completed in TCS. So If you have completed say 5 years in TCS then you will get 5 weeks ie 1.25 months of salary as bonus. If you have completed 10 years in TCS then you would get 1o weeks ie 2.5 months’ salary as bonus.
|Experience in TCS (Years)||TCS Bonus Calculation (Salary)|
|1||1 week Salary|
|2||2 week Salary|
|3||3 week Salary|
|4||4 week Salary|
|5||5 week Salary|
|6||6 week Salary|
|7||7 week Salary|
|8||8 week Salary|
|9||9 week Salary|
|10||10 week Salary|
|11||11 week Salary|
|12||12 week Salary|
|13||13 week Salary|
|14||14 week Salary|
|15||15 week Salary|
The only thing that is not clear is the basis of calculation of the salary. The basis of bonus amount may be just the basic component ( Which is usually very less in TCS) or the complete CTC.
When Will TCS Give Bonus to Employees
It has been announced internally that the promised bonus will be given to TCS employees in one go before 15th June 2015. There has been a n internal notification that has been circulated stating the same.
Tax on the TCS Bonus to Employees
Last night most of the TCS employees got the letter from the company stating the bonus amount that they were entitled to. But the amount mentioned in the letter will not be the exact amount that TCS employees would receive. The bonus amount mentioned would be added to your CTC for this year and tax would be deducted according. ASE, ITA and AST should probably get 10 to 20% TCS bonus taxed. While Assoc and other senior resources would fall in the category of 30% tax cut.
While TCS employees working in UK, USA, France etc etc will also have to shed the taxes as per their countries tax policy.
Note :- If you have any Tax related issues regarding this TCS bonus or any other tax related issues then please feel free to comment your questions. We will try to answer your questions in 24 hours.