In most of the MNCs, salary increment is linked to the performance slab. Higher the percentage that employee acquires in Performance Review (PR) or Performance Appraisal (PA), higher is the salary. Percentage of salary increment is not same and it is revised according to the market conditions as well as company's financial performance. Later it is communicated to all the employees. Now the surprising factor is that this type of query has come from an employee who works in Fortune 500 company.
As far as PA is concerned, employee is communicated what was his/her score. This is done right at the time of performance appraisal and score is not hidden from the employees. Even central government organisation, whose performance appraisal was quite opaque in erstwhile era, has become transparent now. Signature of the employee is taken on the PA form.
You have written that you PA was done in this month, but then what your score? Has your manager revealed it or not? Are you in that performance slab where only employment was continued without any hike?
You say that your manager has told that "extension was given due to my hard work and my commitment towards my work". Phrases like "hard work", "commitment" etc are subject and these do not have place in modern management practices. Rating on a scale of 100 is important.
In view of the above, I request you to provide additional information.
From India, Bangalore
The company is treating you as a service provider. As mentioned,
you are hired as a consultant. Hence they have not given any hike. Now a days it is common (even in big companies as well), not to increase external cost. Here it is surprising even in top rating in your PA, why no hike given. Rather they should take you in company roll.
My opinion is you can look for other opportunities and meanwhile continue your job with same pace and enthusiasm. Pls don't go behind Fortune 500 tag. There are companies who pay good remuneration to deserving candidate. Here I would suggest to tag your post with anonymous (instead mentioning your name). Professionals of big companies are regular viewer of this Forum.
Hope u will agree my points, learner members can put more light on the matter.
From India, Delhi
You are in the fortune as consultant, hopefully, you are not in the company role as an employee. What are your terms and conditions, the period of services, your unique consultancy these are absent in your writing. First, go through your terms and conditions, the extension is given for your hard work presumably you have addicted to the company you have tied up emotionally these things should be kept at bay. Immediately go through your consultant terms and conditions and proceed further. Otherwise, certainly your enhancement of CTC would have been within your reach..
Best of luck ....
From India, Arcot