In the wake of COVID-19, Infosys has decided to end promotions and salary hikes for its employees. It's reported that there won't be COVID-induced layoffs, though. While performance-based assessments will continue, the major IT services player will look into different ways of cutting down on costs.

Salil Parekh, Infosys MD and CEO, is very positive. "We grew at 9.8% for 2019-20. In constant currency terms, it's 6.4%," he reveals, adding that the company's clients want to consolidate their business with Infosys.

As per him, as of Monday, Infosys achieved 93% remote working.

The story of Infosys with respect to layoffs is much like that of TCS, which too, is not going to resort to any layoffs. "No layoffs for any of its 4 lakh plus employees and all 40,000 offers made to freshers to be honored," NASSCOM recently said about TCS.