Information technology services company, Infosys, announced that it will allocate 50 million shares to its staff. As per its annual report, the Company paid its chief executive officer (CEO), Salil Parekh, a salary package of Rs 24.67 crore in the financial year 2019. This package was inclusive of perks worth Rs 7.64 crore in addition to the fixed salary component of about Rs 6 crore and a variable pay of about Rs 10 crore.
The figures imply that Parekh took home a salary, which was 396 times more than the average salary of Infosys’ employees.
The annual report of the Company also revealed that UB Pravin Rao, chief operating officer (COO), Infosys, received a total compensation of Rs 9.05 crore in FY19.
Infosys has declared that it will be allocating 50 million shares to its employees under its new stock incentive plan. Under the scheme, the Company will give the CEO shares worth Rs 10 crore, while to its COO, it will give stocks worth Rs 4 crore.
Under Parekh, the Company has seen a significant improvement in performance in past year and a half. It posted nine per cent growth in terms of revenue in FY19, and is aiming to achieve a growth of 7.5 to 9.5 per cent in the current financial year too.