In the Financial Year 2019-20, the number of Infosys employees who earned more than 1 crore increased to 74. In the previous year, there were 64 employees who earned 1 crore.
The rise in the remuneration in the year 2020 compared to 2019 is because of the amount of the increase in the perquisite value of stock incentives that were previously granted and only exercised during the fiscal year 2019-20. The rise in remuneration includes fixed pay, variable pay, retiral benefits, and the perquisite value of stock incentives.
As of 31st March 2020, Infosys had 1,89,640 standalone employees in the company. In order to attract and retain the best talent, the company grants share-based benefits to employees who are eligible for it. The average remuneration of the employees rose by 10 percent to 6.82 lakh rupees in the previous financial year. At the leadership level, the overall wages remained constant or dropped because there were no promotions during the previous financial year at the leadership level.
Monitoring the market closely says, CEO Parekh
According to the company’s annual report, the salary package of the Chief Executive Officer Salil Parekh rose 39 percent to 34.27 crore rupees. The compensation of the CEO during the year 2018-19 was 24.67 crore. The annual report of the company for the year 2019-20 showed that out of the 34.27 crores, 16.85 crores in salary and 17.04 crore in stock option and remaining 38 lakh in other avenues. The chairman, Nandan Nilekani had voluntarily chosen to not have any remuneration for his services for the year as per the report.
CEO Parekh wrote a note to the shareholders of the company in the annual report where he mentioned that the company is going to keenly monitor the impact of the pandemic on the market. He wrote,
“We can already see several European countries and US states starting to re-open. We see stability and expansion in our work in the global telecommunications, high technology, and life sciences industries. We remain extremely focused on the needs of our clients in this environment and even more ready to expand our support to our clients as the world collectively emerges from the unprecedented situation.”