Tata Consultancy Services (TCS) on Thursday said it will give
one-time bonus to all eligible employees to mark the 10th anniversary of its initial public offer or IPO.

India's biggest outsourcer will give one week's salary for every year of service rendered, a move that will cost the company $423 million or Rs. 2,628 crore.

Employees who have completed at least one year in service will be eligible to receive the one-time bonus, TCS said in a statement ahead of its quarterly results. TCS employs 3.19 lakh consultants worldwide.

The one-time reward for employees comes months after TCS announced 100 per cent variable payout for employees in January. TCS' competitor Infosys had also announced 100 per cent variable bonus payout for its employees in January. (Read)

Frontline IT companies such as Noida-based HCL Tech also rewarded top performers in the previous quarter.

TCS was listed in 2004. Its shares have done exceedingly well as the company notched industry-leading growth rates. TCS is now India's biggest firm with a market capitalization of Rs. 5 lakh crore. It's also the country's most profitable firm.