Infosys paid over Rs 1 crore to 74 employees in FY2019-20


The IT service firm, Infosys has paid more than Rs 1 crore in compensation to 74 employees in FY2019-20. The number has gone up as compared to last year’s 64.

The jump sounds surprising considering the current pandemic situation and economic downturn. Infosys has not offered increments to any of these employees. A large part of the increase in remuneration is due to increase in perquisite value of stock incentives previously granted and exercised by employees this year. Employees at the senior-level leadership, Vice Presidents, Senior Vice Presidents make up for the bulk of crorepatis.

The remuneration includes fixed pay, variable pay, retrial benefits, and stock options. The overall wages at leadership levels remained at constant or lower. There have been no promotions during 2019-20 at the leadership level. Most of the key management personnel (KMP) did not go through the increment cycle in the last fiscal.

The median salary of employees has increased by 10% to Rs 6.8 lakh this year. It was Rs 6.2 lakh previously. The average annual increase in salaries of employees was 7.3% in India, after accounting for promotions and other compensation revisions.

The ratio of CEO Salil Parekh and COO UB Pravin Rao’s pay to MRE was 502 and 155 respectively. CEO Salil Parekh took home Rs 34.27 crore in FY2019-20, recording 39% jump.

Infosys chairman Nandan Nilekani chose not to draw any remuneration this year. The company is confident about reviving the business despite the pandemic and its after-effects.

CEO Salil Parekh said, “We can already see several European countries and US states starting to re-open. We see stability and expansion in our work in the global telecommunications, high technology and life sciences industries. We remain extremely focussed on the needs of our clients in this environment and even more ready to expand our support to our clients as the world collectively emerges from the unprecedented situation.”



Source link

Leave a Comment