“We are committed to recognising the hard work and dedication of our associates to through annual merit increase and bonuses. As part of this commitment, the merit increase for eligible associates will be awarded this year on August 1. Importantly, the majority of our associates have seen four merit increases within four years, with the last cycle being April 1, 2023,” Cognizant said in a statement to the website.

The statement also noted that the Nasdaq-listed company has also just rewarded annual bonuses to “eligible associates globally.”

”This continuity underscores our dedication to consistently acknowledge the contributions of our talented associates,” the release stated.

Since 2021, a majority of Cognizant employees have already received as many as three pay hikes. These were given in October 2021, October 2022, and April 2023. The latest salary rise, therefore, will be their fourth since then.

The development comes at a time when the Teaneck, New Jersey-headquartered Cognizant is experiencing a “weak demand environment” due to macroeconomic issues, a factor that has impacted other IT companies as well.

Overall, the information technology services provider employs as many as 347,000 people worldwide, of whom 254,000 (73%) are based in India alone, as per the Moneycontrol report.