Indian IT firms set to defer annual wage hike plans, but say 'no layoffs'

TCS and Wipro have already said they will hold back increments; other companies are likely to follow suit.

Indian information technology (IT) services companies are holding back salary increments and promotions to conserve cash as they gear up to battle the crisis triggered by the Covid-19 pandemic.

While industry leaders Tata Consultancy Services (TCS) and Wipro have announced deferring wage-hike plans, other players such as Infosys and HCL Technologies are expected to follow suit, according to industry insiders.

The approach taken by the Indian IT firms is, however, different from their global peers, a couple of whom have announced salary hikes for a large portion of their employee base in India. French IT services and consulting major Capgemini and US-headquartered