The target bonus payout for 2013 was more than 200% for top performers. While the payout was 150% for the second bucket, the third got 100%.
CHENNAI: On a day when the InfosysBSE 0.84 % stock took a beating after the software firm hinted at lower revenue, rival Cognizant sent out bonus letters to employees rewarding them for its strong showing last year.
The target bonus payout for 2013 was more than 200% for top performers. While the payout was 150% for the second bucket, the third got 100%. Even average performers got between 60-80%. The 2013 bonus payouts on average are above the 2012 payouts.
Cognizant had forecast annual revenue growth of at least 17% for 2013, but ended up hitting 20.4% by the end of the year.This number was way above the revenue growth of peers like IBM, Accenture, TCS, Infosys, WiproBSE -1.37 % and Capgemini, as well as the rate projected for the whole industry by Nasscom.
“2013 was a strong year for Cognizant, and hence, the annual bonus payout has been well over 100% of target on average – a level that is well above last year’s bonus payout,” said Ramkumar Ramamoorthy, Cognizant’s senior vice president in charge of corporate marketing and communications.