Tata Consultancy Services (TCS), India's largest software services company, on Monday said the company is not retrenching thousands of employees.
"We would like to once again reiterate that there are no layoffs in the company," TCS said in a statement on Monday.
"A performance-based exercise is one that takes place every year. TCS is the largest recruiter of talent in India. In the current year we are recruiting 55,000 professionals to add to our workforce of 313,000," the TCS statement said.
TCS denied reports that it was planning to retrench 25,000-30,000 employees.
The company has maintained that there is nothing out of the ordinary and involuntary attrition, which is mostly performance related, is just 1-2% of the total strength. "Attrition is between 1-2%, including retirements, discipline related exits and so on," the TCS statement said.
Last month, responding to reports that TCS is planning a restructuring of its workforce in the middle to senior management, Ajoyendra Mukherjee, global head of human resource had said: "Workforce optimisation is a continuous process which happens throughout the year, taking into account employee performance, business needs and people aspirations. This leads to some amount of involuntary attrition."