New Delhi, Apr 3: Indian IT major HCL Technologies following its global peers has announced a salary freeze and bonus cutbacks for all its employees in 2009-10. The reason cited for this move is the declining volumes, reduce expenses across business divisions and the tight demand in the United States and Europe.
A report in a business daily states that HCL may moot a 25 pc salary cut for the employees on the bench. The company has also decided to cut retainer bonus, which averages 10 pc of an employee's salary from Apr 1. Employees travel allowance and onsite allowances too are reduced.
HCL which laid off 8 pc of its global workforce, have reportedly laid off about 450 people from its British Telecom practice.