Withdrawn during the height of the crisis, Variable pay is now being re-instated within 6 months (effective October 2009)
Re-introduces various benefits like ASOPs and associate welfare programs
Hyderabad, September 8, 2009: Tech Mahindra, the new brand identity of Satyam Computer Services Ltd. (NYSE:SAY), a leading global consulting and IT services provider, today announced a significant decision to reinstate the Variable portion of the Pay for associates across all levels. This portion was suspended in April this year. Other reinstated benefits include staff welfare allowance every quarter, performance based ESOPs for middle and senior level associates and service anniversary programs. The company is also re-introducing staggered cash bonus for select set of associates at the junior level, along with various rewards and recognition programs in order to acknowledge excellence at work and enhance associate delight.
Hari T, Chief People Officer, Tech Mahindra, said, “We owe our success to the unprecedented commitment to delivery excellence and support from our associates. This has been vital to our recovery. As we journey through this path towards total revival and growth, this is an expression of our gratitude to our associates’.;
About Tech Mahindra
Mahindra Satyam (NYSE: SAY) is a leading global business and information technology services company that leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance.
The company's professionals excel in enterprise solutions, supply chain management, client relationship management, business intelligence, business process quality, engineering and product lifecycle management, and infrastructure services, among other key capabilities.
Tech Mahindra is part of the $6.3 billion Mahindra Group, a global industrial conglomerate and one of the top 10 industrial firms based in India. The Group’s interests span financial services, automotive products, trade, retail and logistics, information technology and infrastructure development.
Tech Mahindra development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve numerous clients, including many Fortune 500 organizations.
For more information, see www.mahindrasatyam.net
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Tech Mahindra undertakes no duty to update any forward-looking statements