REMUNERATION
ITC staff earning over a crore increases to 350 in FY24
The number of ITC employees earning over Rs 1 crore increased by 24.11 per cent in FY24 compared to the previous year, reaching a total of 350. Net remuneration of top executives, including Chairman Sanjiv Puri, saw significant jumps. The company's annual report also highlighted its increased expenditure on employee benefits, expansion into various sectors, and establishment of new factories and hotels in recent years.
ITC chairman's net remuneration in FY24 grew 80%, executive directors also got more
As the ITC chairman, I oversee a team of executive directors whose remuneration has significantly increased in FY24. The increments are linked to our financial performance and market competitiveness, with specific focus on performance bonuses, long-term incentives, and commissions.
Labor Ministry seeks detailed report from Tamil Nadu government on discriminatory hiring practice at Foxconn plant
The Indian government has requested a detailed report on hiring practices at Foxconn's iPhone plant in Tamil Nadu, following reports of married women being excluded from assembly operations. The ministry of labour and employment has directed its regional office to provide the report, as section 5 of the Equal Remuneration Act, 1976 stipulates no discrimination in recruitment.
Gautam Adani's salary in FY24 was lower than most industry peers, even his own top execs
Going by FY24 data, Gautam Adani's salary is less than the heads of almost all big family-owned business groups in India. His pay is way below those of Sunil Bharti Mittal (Rs 16.7 crore in 2022-23), Rajiv Bajaj (Rs 53.7 crore), Pawan Munjal (Rs 80 crore), L&T Chairman S N Subrahmanyan and Infosys CEO Salil S Parekh.
Proxy advisory firm recommends voting against reappointment of Gautam Singhania to Raymond's board
A proxy advisory firm recommends Raymond shareholders to vote against reappointing Chairman Gautam Singhania due to accusations of domestic violence and misappropriation of funds by his estranged wife. The firm also suggests an independent investigation. Raymond's AGM is on June 27.
L&T CMD takes home Rs 51 crore in FY24, up 43%
Larsen & Toubro (L&T) chairman and managing director SN Subrahmanyan earned Rs 51 crore in FY24, marking a 43.11% increase from the previous year, per L&T's annual report. His compensation included base salary, commission, and retirement benefits. CFO R Shankar Raman’s compensation also surged by 43% to Rs 31.66 crore. Subrahmanyan emphasized L&T's strategic alignment with global shifts towards a greener economy
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Here's how much top IT CEOs got paid in FY24
Indian IT services company leaders saw a rise in annual compensation amidst industry challenges. Infosys CEO Salil Parekh's remuneration increased by over a sixth to Rs 66 crore. LTI's CEO Debashis Chatterjee's total compensation grew by 10% to Rs 19.34 crore.
LTIMindtree CEO pay up 10%, LTTS chief’s package jumps over 100%
Debashis Chatterjee fixed pay was Rs 9.33 crore, variable compensation at Rs 9.9 crore for the fiscal 2024. The median remuneration of employees of LTIMindtree during the financial year grew by 12% to Rs 14,00,009. In FY23, the median remuneration of the employees was Rs 12,49,992.
Infosys CEO Salil Parekh's annual compensation grew to Rs 66 crore in FY24
Infosys CEO Salil Parekh's annual compensation grew 17.3% in FY24 and reached nearly Rs 66 crore, as per the annual report of the company. In FY23, Parekh's salary was Rs 56.4 crore.
HUL managers a happy bunch, 200 execs took home Rs 1 cr pay in FY24
In the last fiscal year, 200 managers at Hindustan Unilever (HUL) earned over Rs 1 crore annually, a slight decline from 205 in FY23 but an increase from 163 in FY22. The median employee salary at HUL rose by 7.38% in FY24, down from 10.73% in FY23, with non-managerial staff seeing a 4.4% salary hike. Notably, one-third of HUL's high-earning executives were under 40, continuing a trend from the previous year.
Rare move by govt: IL&FS, two subsidiaries ordered to recoup Rs 150 crore from ex-directors after accounts farce
This comes after IL&FS and the two arms in question had to recently reissue their account statements to show losses of Rs 9,600 crore for financial years 2013 to 2018, instead of a profit of Rs 1,869 crore originally shown. The original account had to be superseded following the unearthing of massive irregularities.
Wipro’s Rishad Premji takes pay cut, ex CEO Delaporte takes home $20 mn
Wipro executive chairman Rishad Premji declined variable pay for the second consecutive year due to negative profit growth. He took a 20% pay cut, earning $769,456 in FY24. Former CEO Thierry Delaporte became the highest-paid IT sector CEO with $20.11 million in compensation for FY24, including a $11 million separation payment upon resignation.
Uneven rainfall affected rural demand, says HUL chairman Nitin Paranjpe
Hindustan Unilever (HUL) reported a strong performance in the last fiscal year despite challenges in the macroeconomic environment, including erratic rainfall affecting agricultural output and rural demand. Chairman Nitin Paranjpe noted a gradual deflation in commodity prices but highlighted sustained high inflation. HUL's managing director Rohit Jawa's remuneration increased by 4% to Rs 22.39 crore, with his salary being 153 times higher than the average employee's remuneration. HUL's permanent employee count increased to 7215 from 6697 the previous year, with a 7.38% rise in median employee remuneration.
'Rising number of skilled Indian nurses seek overseas opportunities despite domestic demand'
The demand for skilled nurses in India is set to grow by 17-18% by 2027. Trained nurses are increasingly opting for opportunities abroad due to better pay and family visa programs, with Kerala playing a key role in healthcare migration.
Digit IPO coming soon; TCS’ Krithivasan earnings
Bengaluru-based insurtech startup Go Digit General Insurance has announced that its IPO will open on May 15 and close on May 17. This and more in today’s ETtech Top 5.
TCS CEO K Krithivasan’s remuneration at Rs 25 crore in FY24
K Krithivasan Earnings FY 24: In FY24, Tata Consultancy Services (TCS) CEO and MD K Krithivasan's total remuneration was Rs 25.2 crore, a decrease from former CEO Rajesh Gopinathan's Rs 29.16 crore in FY23. N G Subramaniam, the COO and ED at TCS, who is retiring this month, drew a total compensation of Rs 26.1 crore in FY24.
NCLAT dismisses Religare's appeal against CCI nod
NCLAT rejected REL's appeal regarding Burman's share acquisition. CCI ensures fair competition. Justice Khanna and Mehrotra maintained status quo. Fraud allegations, ESOP issuance, remuneration without approval are under scrutiny.
Raymond re-appoints Gautam Hari Singhania as MD
Raymond MD: On Friday, Raymond re-appointed Gautam Hari Singhania as the managing director of the company for a term of five years starting from July 1, 2024, as mentioned in an exchange filing.
The hunger artist, when writing is a per diem exercise
Hunger sharpens one's critical faculties. It also sharpens one's ability to feel and seek out injustice. And then, I looked at myself in the mirror. No way could someone ever mistake me for a writer. There was nothing frugal about my frame. I looked like a well-fed bulldog just awakened from his siesta.
Living wage augurs well for contractual staff
India transitioning to living wages with ILO, affecting labor costs. Disparities in pay among different worker types. Global minimum wage increases noted. Italy resists implementing minimum wage. Challenges anticipated for MSMEs, SMEs, and gig workers.
Odisha hikes remuneration of ASHA workers
The Odisha government has increased the monthly remuneration of ASHAs to Rs 7,000 and the service exit incentive to Rs 1 lakh. This will benefit 49,522 ASHA workers. The annual expenditure is estimated to be Rs 148.57 crore for remuneration and Rs 55 lakh for exit incentives.
Mamata Banerjee announces hike in salaries of Anganwadi workers in West Bengal
West Bengal CM Mamata Banerjee announced salary hikes for Anganwadi workers, assistants, ICDS workers, Asha workers, in the presence of PM Modi. Similar hikes were recently announced by the Odisha and Kerala governments.
Kareena Kapoor credits Vidya Balan, Kangana Ranaut for promoting cause of pay parity
The actress's upcoming project 'Crew' also stars Tabu and Kriti Sanon.
RBI raises ceiling on remuneration of non-executive directors to Rs 30 lakh
The Reserve Bank's instructions on review of fixed remuneration for non-executive directors (NEDs) come into force immediately. The instructions apply to all private sector banks, small finance banks, payment banks, and wholly owned subsidiaries of foreign banks.
Burman family hikes Religare stake to over 25%, increases grip on company
The Burman family has consolidated their position in Religare Enterprises Limited (REL) by increasing their stake by around 4% through open market purchases. Their cumulative stake now stands at 25.1%. The stake hike was done at an average price below Rs 235/share, which is the open offer price.
Religare denies charges of excessive remuneration to its chairperson Rashmi Saluja
"The allegation that the executive chairperson draws a remuneration of more than Rs 150 crore per annum is completely false and erroneous. As per the annual report for FY 22-23 of REL, the remuneration for the Executive Chairperson was Rs 8.12 crore. Even after including the perquisites value of the ESOPs, it reached a figure of Rs 42.06 crore," Religare said in a statement.
Nominee Director on Adani Green Energy Ahlem Friga-Noy resigns
"Ahlem Friga-Noy nominee Director (representing TotalEnergies) on the board of the company has submitted her resignation with effect from October 23, 2023. Total Energies has nominated a new nominee director in place of Ahlem Friga-Noy," it said. The proposal for the appointment of a new nominee director shall be placed before the nomination and remuneration committee and Board of the company, in due course, the filing said without sharing any further detail.
Liquidators can't combine asset sales, deposits for fees: IBBI
"Amount realised' means an amount that is being realised from the sale of an asset where the asset changes form. Where the asset is already liquid such as cash and bank balance, including term deposits, mutual funds, and quoted shares, there is no 'realisation', and funds are readily available for distribution. The amount realised, thus, implies the proceeds from the sale/realisation from the liquidation of assets which are not liquid," the Insolvency and Bankruptcy Board of India (IBBI) said in the order dated September 28.
Sobha shareholders reject two remuneration proposals
About 88.6% of the institutional investors voted against the first resolution, while 86.3% opposed the other. As the number of votes cast in favour of the special resolution is not more than three times the number of votes cast against the special resolution, the said resolutions have not been passed by the shareholders, the company said in a regulatory filing.
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