HCL Tech to give one-time bonus of Rs 700 crore for all employees | Business Upturn

HCL Tech to give one-time bonus of Rs 700 crore for all employees


Information technology company, HCL Technologies announced, on Monday, about issuing a one-time special bonus to its employees around the world amounting to Rs 700 crore. This was done in recognition of its recent milestone of crossing $10 billion mark in revenue in 2020. Employees with a minimum of a years’ service will receive a bonus equivalent of ten days’ salary.

The tech company has 1,59,682 full-time employees as of December 31, 2020, and revenue crossing $10 billion, delivering 3.6% year-on-year growth.

HCL Tech applauded the passionate efforts and consistent achievements its employees on the historic milestone just twenty years since its IPO.

Apparao VV, Chief Human Resource Officer at the company said, “Our employees are our most valuable asset. Despite an unrelenting pandemic, each and every member of our HCL family has demonstrated immense commitment and passion, contributing to the growth of the organization. The $10 billion revenue milestone is a testament of our remarkable resilience as an organization and the entrepreneurial spirit of our 159,000+ employees. With this gesture, we want to sincerely express our gratitude to our employees and their families for all their support.”

The special bonus will be paid in February 2021, amounting to approximately $90 million plus payroll taxes in some countries, the impact of which is excluded from the FY21 EBIT guidance provided by the company last month, HCL Tech said.

HCL Tech’s shares have surged 60% in the past one year and many analysts remain bullish on the stock.