400 senior Cognizant employees accept voluntary separation package

Information technology (IT) services firm Cognizant Technology Solutions said its 400 senior employees have accepted a voluntary separation package (VSP), the move will help the company save nearly $60 million this year.

The Nasdaq-listed company said a voluntary separation programme was launched in the second quarter (Q) of 2017 (sometime in May) in a move to reduce cost and have better utilisation as the IT services industry is seeing a slowdown. Employees, both in the United States (US) and India, were offered nine months’ salary as severance package as part of this programme. 

Cognizant, for the first time in the