The CEO of Infosys, Salil Parekh, earned a reduced salary in financial year 2022-23. He earned only Rs 56.55 compared to the Rs 71 crore that he earned in total in the previous fiscal year.
The the major has been looking at cost-cutting measures and had cut the average variable pay of its workforce by 40 per cent in the March quarter of 2023. This left the employees earning just 60 per cent of their variable pay. The company had also bagged headlines when it terminated some freshers because they failed to clear an internal test.
Parekh’s emoluments comprise a basic salary of Rs 6.67 crore, performance-based bonus of Rs 18.73 crore, stocks worth Rs 9.71 crore and other benefits to the tune of Rs 45 lakhs.
The reduction in his salary in FY2022-23 was primarily because of exercising low stock options and also because the bonus plan was altered by the company. With the bonuses being linked to performance, his bonus was reduced. His stock options worth Rs 52.33 crore were not exercised, as per media reports.
However, despite the 21 per cent cut in salary, he earned a lot more annually, than any average employee at Infosys who earned a total of Rs 10.3 lakh in FY2022-23.
Despite the performance being more than satisfactory in FY2022-23, the company’s last quarter bore the brunt of economic uncertainties worldwide.