The number of Infosys executives who earn a salary of over Rs 1 crore has more than doubled in the past one year. In 2017-18, there were about 28 executives with a compensation of a crore or more. However, in 2018-9, the figure has more than doubled to 64.
This sharp hike is because of the rise in Infosys’ share prices, which resulted in the value of its stocks increasing. Many senior executives received huge increments in their compensation when they exercised their stock options for the fiscal year 2019.
In the last fiscal, less than 30 executives received salaries over Rs 1.02 crore, while in 2018-19, almost 64 senior executives received salaries over a crore. An increase in gross compensation was enjoyed even by those who are not amongst the key senior managers.
Deepak Padaki, head-corporate strategy and risk, Infosys, saw a 75 per cent jump in his compensation. He drew almost Rs 3.16 crore in FY19, whereas a year before he was earning only about Rs 1.81 crore.
Koushik RN, EVP and group head, global immigration, Infosys, enjoyed a 41 per cent hike in gross remuneration, whereas, Binod Hampapur, head-global talent and technology, got a 30 per cent hike in gross remuneration, taking home Rs 5.2 crore.
Besides the value of stock incentives, the remuneration is inclusive of fixed pay, variable pay and retirement benefits.
The median employee remuneration at Infosys in 2018-19 was Rs 6.2 lakh, which was five per cent more than 2017-18.
HRKatha had recently carried a story on Salil Parekh, CEO, Infosys, receiving Rs 24.6 crore in compensation, which comprised Rs 7.6 crore in the form of restricted stock options. UB Pravin Rao, chief operating office, received Rs 9.1 crore, Mohit Joshi, president, Infosys, got Rs 15 crore, whereas Ravi Kumar S, deputy chief operating officer, received Rs 13.2 crore.