The step, aimed at helping the company stem attrition, will also see Cognizant moving to a quarterly promotion cycle for billable employees at the senior associate level and below, starting in the June quarter of 2021.
''In recognition of the professionalism, client-centricity, work ethic and perseverance of our employees globally in serving our clients during this protracted pandemic, we are rewarding bonuses above the level of company performance and substantially higher than 2019, despite 2020 being an extraordinarily challenging year,'' Cognizant India Chairman and Managing Director Rajesh Nambiar said in a statement.
The company is also offering about 1,60,000 employees with merit increases globally, and has promoted more than 24,000 employees across every level, he added.
''In order to reward our employees in a more timely manner for their hard work and high performance, we are moving to a quarterly promotion cycle for billable employees at the Senior Associate level and below, starting in Q2 2021,'' he said.
Nambiar also highlighted that the company continues to remain heavily focused on maintaining a competitive and appealing employee environment, where every individual is inspired to achieve, driven to perform, and rewarded for their contributions.
''We aim for our employees to feel motivated, engaged, and empowered to do their best work through careers they find meaningful," he said.
The US-based company has over two lakh of its 2.9 lakh employees based in India. At the end of the December 2020 quarter, the company had a headcount of 2,89,500 and its total attrition was at 19 per cent and voluntary attrition at 16 per cent.