Salil Parekh’s Pay Rise to Rs 66.24 Crore: Infosys CEO’s Salary Hike Reflects IT Industry’s
Salil Parekh, the CEO of Infosys, has received a 17% increase in his annual remuneration for the fiscal year 2024, which now stands at Rs 66.24 crore. This marks a significant rise from his previous year’s compensation of Rs 56.4 crore.
The increase in Parekh’s salary includes various components such as fixed pay, variable pay, retiral benefits, and the perquisite value of stock incentives. His fixed salary alone rose to Rs 7.47 crore. Additionally, he received a bonus of Rs 19.75 crore.A notable portion of the increment is attributed to the exercise of Restricted Stock Units (RSUs) under the company’s stock plans, which contributed Rs 39.03 crore to his total earnings.
This increment positions Parekh as the second-highest-paid CEO in the Indian IT sector, just behind Wipro’s former CEO Thierry Delaporte, who earned around Rs 166 crore in FY24, including severance pay.The report also sheds light on the median remuneration of Infosys employees, which saw an 8.65% increase to Rs 9,77,868. In contrast, Nandan M. Nilekani, the non-executive chairman, has opted not to receive any remuneration.
Comparatively, TCS’s CEO and MD, K Krithivasan, received Rs 25.2 crore in FY24, while Wipro’s new CEO and MD, Srinivas Pallia, is set to receive a maximum of $7 million (approximately Rs 58.4 crore) per annum.
The substantial figures of tech CEOs’ compensation packages often draw public attention and raise discussions about wage disparity within the industry. The increase in executive pay reflects the company’s performance and the importance of leadership roles, but it also prompts considerations regarding employee morale and retention.
