New Delhi: India may be rising but that's not necessarily raising the status of the CEOs of Indian Inc, who have remained among the lowest paid in Asia-Pacific.
According to the findings of a survey carried out by Mercer Human Resource Consulting, the senior executives in finance, marketing and human resources in India still get five times less than their counterparts in the US.
CEOs in South Korea have emerged the highest paid in the Asia-Pacific region followed by their Hong Kong counterparts, the survey says. It says finance and marketing directors in the US earn more than five times their counterparts in India, while HR directors earn more than four times as much.
The study shows US-based finance directors are the highest paid, earning a base salary of $248,700 on an average. Their counterparts in the UK and Canada followed closely with around $201,500 and $190,900 respectively. The salaries of CEOs in Germany, Hong Kong and Brazil averaged between $170,000 to $161,200.
In comparison, finance directors in Hungary and India received less than half of the 15-country average earning around $60,000 and $55,700 respectively.
Even China offers better salaries that India at $75,200. Among the other Asian countries, finance directors in South Korea are the highest earners, followed by Hong Kong, Singapore and Japan with base pays at $179,000, $164,300, $137,600 and $131,600 respectively.
"Compensation has long been driven by such factors as historic pay levels, size of economy and competition for talent," the Business Times quoted Mercer's Steve Gross as saying. "As companies become more globally mobile, they can shift some jobs to lower-cost locations. These new considerations will have a big impact on pay levels among countries," he added.
Compared with Taiwan, CEOs in Singapore are paid more than double of what their counterparts earn, $114,914 being the average base pay and $131,834 being the direct cash on average.
‘‘Finance directors are the second highest paid individuals in an organisation, receiving only slightly less than the CEOs,’’ a news agency quoted David Conroy, UK Leader of Reward at Mercer, as saying.
In contrast, CEOs in fast-rising India are among the lowest paid with an average base salary of $89,759 and annual total cash of $111,510 on average.
CEOs in Hong Kong receive $250,707 in average base pay and $352,520 in average annual total cash, making them the second highest paid in the region.
Coming after South Korea and Hong Kong, chief executives in Singapore earn an average of $239,866 in annual base salary, but their total can be nearly double that amount, the survey said.
(With agency inputs)
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