The annual salary of Rajesh Gopinathan, the chief executive officer of Tata Consultancy Services (TCS) increased by 52% year-on-year to over Rs 20 crore in the last fiscal according to the annual report for 2020-21. Gopinathan earned Rs 13.3 crore for FY20. The average increase in the managerial remuneration for the last financial year was 55.22%, the report said.
TCS pays remuneration by salary, benefits, perquisites and allowances
(fixed component) and commission (variable component) to its managing director and the executive directors, the company said in its annual report.
In FY21, Gopinathan’s base salary was Rs 1.27 crore, down from Rs 1.3 crore in the year before. The total compensation also included benefits, prerequisites and allowances of Rs 2.09 crore, up from Rs 1.3 crore in FY20. In the last fiscal, his commission climbed to Rs 17 crore from Rs 10 crore in the previous year. The ratio of TCS CEO’s salary to the median salary of employees was 326.8:1, compared to 214.6:1 in the year before.
The salary of N G Subramaniam, chief operation officer of IT behemoth, increased by 60% in the last fiscal. His total compensation included Rs 1.215 crore salary, Rs 1.88 crore benefits and allowances and Rs 13 crore compensation, according to the annual report.
“Increase in the managerial remuneration for FY 2021 is not comparable with FY 2020 owing to decrease in remuneration of 15% in FY 2020 in view of the economic conditions impacted by the COVID-19 pandemic wherein the directors had decided to moderate the executive remuneration for FY 2020 to express solidarity and conserve resources,” TCS added.
India’s largest software exporter had 4,88,650 total employees as of March 31. The company provided an average annual increment of 5.2% to its employees in India in FY21, according to the annual report. TCS employees outside India, received a wage increase varying from 2% to 6%, according to the report.
“It has been a difficult year for everybody. Despite the ferocity with which the
second and third waves of the pandemic are now hitting us, we are in a far better
place as we exit FY 2021 than we were at the start,” commented TCS CEO.
TCS announced salary hike and promotions for its employees in October. “In line with the strong recovery in demand, we also ramped up our lateral hiring during the second half of the year and ended the year with a net addition of 40,185,” the report further added.
On company’s performance in FY21, N Chandrasekaran, chairman, TCS said, the company “adapted quickly and embraced a new operating model that prioritized the health and well being of its employees, while enabling it to continue supporting its customers not just in their mission-critical operations but also in their growth and transformation journeys.”
To stakeholders, Chandrasekaran mentioned, “Looking ahead, your company sees immense opportunities for growth, riding the new technology cycle that has kicked off, powered by the belief that its differentiated capabilities and collaborative, solution-centric approach makes it the preferred transformation partner of its customers.”
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