TCS asks 500 to resign - More layoffs at TCS shortly

India’s leading software services company, TCS, have announced that around 500 employees have been asked to resign due to their poor performance.

With the American economy in deep trouble, Indian IT sector is in trouble. It has been speculated that IT companies have started actually tough regarding employee productivity as a result of the rupee rising against the dollar.

Tata Consultancy Services, which employs over 100,000 workers, has said it would cut 1.5 per cent from employees' salaries in the fourth quarter, as it fell short of certain financial targets following a sharp rise in the value of rupee against dollar and the slowdown in the US economy.

TCS' decision comes on the heels of global IT major IBM getting rid of a large number of its entry-level trainee programmers across major offices in the country on the grounds of performance.