TCS surges as it partners with Georgia Department of Labor

At the time of writing, shares of Tata Consultancy Services were trading at Rs 3,617, marking a 2.27% increase from the previous closing price of Rs 3,536.65 on the BSE.

Tata Consultancy Services (TCS) has been entrusted with the task of replacing Georgia Department of Labor’s (GDOL) legacy platform from the 1980s. TCS will implement a secure, scalable, cloud-based unemployment insurance system that streamlines the claims process, ensuring that eligible individuals promptly receive financial assistance and support during times of need.

During the COVID-19 pandemic, Georgia faced an unprecedented surge in unemployment claims, ranking as the third highest in the nation. This placed immense pressure on the state’s outdated 40-year-old unemployment system, emphasizing the critical need for an upgrade. GDOL has selected TCS as its partner to create a modernized, agile system that eliminates technological constraints and enhances accessibility. TCS was chosen based on its proven expertise in unemployment insurance modernization and a successful track record of helping other states transform their unemployment insurance systems, with some of those projects serving as the blueprint for Georgia’s modernization plans.

The new web-based platform is designed with a human-centric approach, simplifying the application process for Georgians seeking unemployment insurance benefits. Users can securely upload documents, check the status of their claims, and receive important updates. Digitised processes with automated workflows will enable faster claims processing with reduced errors. The new platform also incorporates advanced security features to prevent fraud, save taxpayer funds, and ensure that benefits reach those in genuine need.

TCS is a renowned IT services, consulting, and business solutions organization that has been partnering with some of the world’s largest businesses in their transformation journeys for over 50 years.

On Thursday, the stock opened at Rs 3,557.95, reaching a high of Rs 3,624.00 and a low of Rs 3,553.65.

TCS, a BSE group ‘A’ stock with a face value of Rs 1, has a 52-week high and low of Rs 3,633.05 and Rs 3,013.05, respectively. The scrip’s high and low over the past week were Rs 3,624 and Rs 3,477, respectively. The current market cap of the company stands at Rs 13,16,764.52 crore.

Promoters hold 72.30% of the company, while institutions and non-institutions hold 22.32% and 5.38%, respectively.

Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.