Starting from the Chief Executive Officer to the Chief of Human Resources, Wipro has given generous pay hikes to their top executives, according to the company’s latest annual report.
While the highest percentage increase in salary for the last fiscal was awarded to Chief Strategy Officer, Rishad Premji, CEO, Abidali Z Neemuchwala saw his pay package growing over 34 percent to Rs. 18.23 crore.
Rishad Premji’s salary witnessed an increase of 250 percent, marking his latest salary at Rs 5.9 crore. Even the remuneration of Azim H Premji, the Executive Chairman and Managing Director rose by 10.13 percent to Rs 87 lakh in FY2018. Saurabh Govil, President, and CHRO, also received a three digit percentage increase in salary. His remuneration rose by 136 percent to Rs 6.6 crore. Jatin Dalal, CFO, on the other hand, got a hike of only 2.42 percent, increasing his salary to Rs 4.65 crore.
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Source: Wipro's Annual Report 2017-18
As per the annual report, the computation of remuneration to CEO and Executive Director has been done on an accrual basis and includes amortization of ADS restricted stock units (RSUs) granted to him, which vests over a period a time. The calculation also includes RSUs that vest based on performance parameters of the company.
Further deep diving into the compensation structure of Rishad, it is highlighted that he received Rs. 93.3 lakh in salary, Rs. 53.5 lakh in allowances and Rs. 4.1 crore under commission/incentives/variable pay, along with other perks.
Earlier in June, it was reported that Wipro had given high single-digit salary hikes to offshore employees and offered a low single-digit increment for employees’ onsite. The average salary hike for Wipro this year was about 6-7 percent and even the top performers had received a salary in double digits percentage wise. In the later months of 2017, a decline in Wipro’s headcount was also reported.
(The remuneration of the executives include salary, allowances, commission, performance-based payments, perquisites and company’s contribution to provident fund and superannuation. It also includes the value of restricted stock units (RSUs) exercised, if any, by employees.)