India's largest software exporter Tata Consultancy Services (TCS) has, on Thursday, announced that the company won't be providing salary hikes for nearly 4.5 lakh employees attached with the firm as it has been facing the ordeal triggered by the Coronavirus pandemic which has caused major disruption and plunge in the global economy and markets putting the operations of the most of the companies into idle.

Although the Indian tech giant declared no salary hikes for its employees this year, it also has given relief to them by announcing that it will not retrench and carry out the job cuts for any of its employees. The company has assured it will keep it's commitments alive on the new hires by inducting all 40,000 people who have already been given offers. 

According to the Economic Times, TCS MD and Chief Executive Officer Rajesh Gopinathan said that every offer the company has made will be honored and there won't be any retrenchments. The company's head of Global Human Resources Milind Lakkad stated that the tech giant has issued 40,000 campus offers to the freshers and they would be inducted on board after June this year as most of the colleges and universities will be closing the current term by mid-June and July.

The company has decided to halt the salary hike to its employees for this year, he added. The CEO said that the company has reported overall staff attrition of 12.1 percent which, according to him, has been one of the best in the industry. The company's Chief Operating Officer has said that currently, 3.55 lakh employees are working in India and 90 percent of these employees have been connected with the secured workplaces.

According to the reports, the Tata group company has reported a profit for the March quarter. However, it has signaled that the operations have been facing a very difficult time in the first two quarters of the current fiscal year including shrinkage in the revenue in the wake of the Coronavirus outbreak. As of March 31st, 2020, the company has 4,48,464 employees.