The Nasdaq-listed US-based company, which has most of its India operations in Tamil Nadu, confirmed the development. Other information technology majors did not respond to calls and emails from Business Standard on whether they were also considering similar schemes.
Cognizant said the option had been offered to senior executives — from director level to senior vice-president. Sources in the company said that those who had annual salaries in excess of Rs 40 lakh might also be eligible for the option. A minimum of nine-month salary will be paid as compensation under the initiative, depending on the executive’s post.
The IT firm said the move was related to its overall strategy to accelerate shift to digital and deliver high-quality, sustainable growth. The company will, however, continue to hire across all of its practices and is expanding facilities globally, ensuring that it has the “right expertise to help its clients”.
“As part of these initiatives, we are offering a voluntary separation incentive to some eligible leaders, representing a very small percentage of our total workforce,” said a company spokesperson.
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