Cognizant, the IT giant, has begun its bonus payouts for 2024, with eligible employees receiving between 85% and 115% of their targeted bonuses, according to reports. These payouts represent the highest levels seen in three years, highlighting the company’s commitment to recognizing employee contributions.
Sources indicate that Cognizant started issuing electronic letters (eLetters) this week to inform eligible employees of their bonuses. “The bonuses will be disbursed throughout March and April based on the payroll schedules of individual countries,” the company mentioned in internal communications.
In addition to the bonus payouts, Cognizant also confirmed that salary hikes (merit pay increases) will take effect on August 1, 2025. The company recently addressed concerns about a possible delay in these salary increases, clarifying that the August timeline aligns with their established schedule. “As part of this ongoing commitment, merit increases for eligible associates will be awarded in August, exactly one year after the previous cycle. With the August 2025 cycle, the majority of our associates will have received five merit increases within the past four years,” a Cognizant spokesperson stated last week.
“There has been no delay in the merit cycle, and any claims suggesting otherwise are incorrect,” the spokesperson added.
The announcement of bonuses comes amid a competitive IT landscape, where employee recognition and retention are critical. Cognizant emphasizes that these financial incentives demonstrate its dedication to rewarding the hard work and commitment of its global workforce.
Overall, these payouts are expected to boost morale as the company continues to position itself as a leader in technology and digital transformation.
