The latest annual report of Tata Consultancy Services (TCS) indicated a drop in salary to its chief executive office, chief operating officer and chief financial officer during the fiscal 2019-20.
The annual salary package of Tata Consultancy Services (TCS) chief executive officer Rajesh Gopinathan dropped more than 16 percent to Rs 13.3 crore in fiscal 2019-20 compared to the previous fiscal.
Rajesh Gopinathan received total remuneration of Rs 16.02 crore during financial year 2018-19, PTI reported.
Rajesh Gopinathan received Rs 1.35 crore in salary, Rs 1.29 crore in perquisites, Rs 10 crore in commission (at 0.02 percent of profit) and Rs 72.82 lakh in allowances, according to TCS’ annual report for 2019-20.
Rajesh Gopinathan received Rs 1.15 crore in salary, Rs 1.26 crore in perquisites and Rs 60.35 lakh in allowances during the previous year. However, he had drawn a higher commission of Rs 13 crore in 2018-19 at 0.03 percent of profit.
TCS said the managerial remuneration for the year decreased by 15 percent. “The executive remuneration for FY2020 is lower than FY2019 in view of the economic conditions impacted by the COVID-19 pandemic. The Directors have decided to moderate the executive remuneration for this year to express solidarity and conserve resources,” the annual report said.
TCS COO N Ganapathy Subramaniam’s earnings declined 12.9 percent to Rs 10.11 crore in 2019-20 on account of lower commission as compared to Rs 11.61 crore in the previous fiscal.
Ramakrishnan V, TCS chief financial officer, received salary package of Rs 3.98 crore in FY2020.
The Mumbai-based IT services company said the average annual increase was six percent in India.
“However, the total increase is approximately 7.7 percent, after accounting for promotions and other event-based compensation revisions. Employees outside India received a wage increase varying from 2 percent to 6 percent,” the report said.
The increase in remuneration is in line with the market trends in the respective countries.
The annual report said the percentage increase in the median remuneration of employees in FY2020 was 2 percent. TCS’ permanent employee base was at 4.48 lakh at the end of 2019-20 fiscal.