ITC MD earns Rs 11.95 cr, 153 employees earn Rs 1 cr annually

The chairman received a way higher increment than the 16% hike given to the employees of the Company

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ITC has 153 employees who receive salaries of more than Rs 1 crore per annum in FY21. Sanjiv Puri, chairman and managing director, ITC, saw a 47 per cent increase in his salary in FY21. He witnessed a 26 per cent jump in his basic pay and a 62 per cent jump in performance bonuses. While he was paid about Rs 7.83 crore in FY20, he will now earn Rs 11.95 crore per annum.

The Company has taken on about 39 employees on a salary of over Rs 1 crore. With this addition, there are now about 153 employees at ITC who earn a crore per annum.

In the last financial year, only about 96 managers in ITC’s FMCG business were earning over one crore a year.

The hike in Suri’s pay is based on the revised salary structure, which was approved by ITC’s shareholders in September 2019, when Puri assumed the role of chairman.

ITC had revised the pay packages of its key managers in 2019 following the rejection of its proposal to issue stock options to its senior executives, by British American Tobacco, the largest shareholder of ITC.

The annual report of the Company reveals that it “adopts a comprehensive approach to remuneration in order to support the superior quality of personal and work life, combining both cash and non-cash components in a manner which judiciously balances short-term and long-term priorities.”

The increment Puri received was way more than the median pay hike of 16 per cent that was given to the employees of the Company.

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