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400 top Cognizant executives accept VRS

IT firm Cognizant said around 400 of its senior executives have accepted its voluntary separation package which will help the multi-national corporation save around $60 million dollars annually.

The international company had pitched the package, which offers up to nine months of salary, to some of its senior executives based in the United States and India in May.

The firm has not specified how many of the employees were based in India, which accounts for a sizable number of its 2.56 lakh workforce.

Cognizant Chief Financial Officer Karen McLoughlin said, “Of the $39 million (approximately Rs 248 crore) of realignment charges, $35 million was for the roughly 400 associates who accepted our voluntary separation package”.

The CFO said the step will help increase profits.

The firm’s staff strength was reduced by around 4,400 people in June from the March 2017 quarter.

“Our attrition level was higher than normal given reductions resulting from performance evaluations and the voluntary separation programme,” McLoughlin said.

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