Anand Mahindra, Chairman of Mahindra and Mahindra Ltd., received a 16.38% hike in salary this year. He is reported to take home a salary of Rs. 7.67 crore in FY17. According to a media report, the ratio of his remuneration to that of the median compensation of employees was 108:27.
According to M&M’s annual report, there was an increase of 0.43% in the median compensation of employees. The report further stated that the average percentage decrease made in the salaries of employees other than managerial personnel in 2016-17 was 1.46% whereas the decline in the managerial remuneration for the year was 7.35%.
Additionally, Pawan Goenka, Managing Director, received Rs7.39 crore as remuneration, excluding perquisite value of ESOPs exercised for 2016-17. M&M Group CFO and CIO V.S. Parthasarathy received Rs3.52 crore as salary, excluding income value of ESOPs exercised, up 19.74% from the previous year.
As earlier reported by People Matters, the ratio of the CEOs or Chairmen to employee remuneration was as high as 1200 times. The companies have seen a rise in the top executive pay included Wipro, TCS, Kotak Mahindra Bank, Axis Bank, Bajaj Auto, Tata Steel, M&M, Hero Motocorp, Lupin and Bharti Airtel. The overall key management pay rose significantly for Bharti Airtel, HDFC Bank, HDFC Ltd, TCS and Asian Paints.