In the fiscal year 2022-23, Rajesh Gopinathan, the former CEO and MD of Tata Consultancy Services (TCS), saw a significant increase in his remuneration. Gopinathan’s earnings reached Rs 29.16 crore, representing a growth of 13.17 percent compared to the previous year. This substantial amount includes various components such as his basic salary, benefits, perquisites, allowances, and an impressive commission of Rs 25 crore. However, it is important to note that these figures do not take into account the employee stock purchase scheme. Additionally, Gopinathan holds approximately 2,760 stocks in the company.
Effective from June 1, 2023, K Krithivasan took over the reins as the new CEO, TCS. Although the specifics of his compensation package were not disclosed, it was revealed that he would receive a monthly basic salary of Rs 10 lakh, with the potential to reach a maximum of Rs 16 lakh per month.
As of FY23, Krithivasan holds around 11,232 company shares. Similar to Gopinathan, a significant portion of Krithivasan’s remuneration will be performance-based and reliant on the company’s overall financial performance, primarily in the form of a commission.
TCS’ annual report for the fiscal year 2022-23 reveals that the average salary hike for its employees remained in single digits, signaling a decline from the previous year’s increase of 10.5 percent. The overall salary increase, including promotions and other compensation adjustments, varied between 6 and 9 percent. Moreover, the salary hike for managerial positions experienced a notable drop from 27.4 percent in the previous fiscal year to 13.6 percent in FY23.
