ITC has reported a significant increase in the number of employees earning over Rs 1 crore annually, marking a 24.11 per cent rise in FY24 compared to the previous year. According to the company’s annual report, 68 more senior officials entered this top salary bracket, bringing the total to 350 for the financial year 2023-24, up from 282 in 2022-23. This surge in highly-paid employees reflects ITC’s robust growth and profitability.
The report highlights that in the year ending 31 March, 2024, all 350 employees received either an annual salary of at least Rs 102 lakh or a monthly salary of at least Rs 8.5 lakh for part of the year.
The rise in highly paid employees at ITC is linked to the company’s expanding portfolio, as reported by The Telegraph. In recent years, ITC has opened eight new factories and two hotels in India, leading to increased hiring and deployment of human resources.
In FY24, on the other hand, 282 employees earned more than a crore. The total workforce increased by 3.5 per cent to 24,567 employees. The median compensation for salaried employees rose by five per cent, with a significant increase of 50 per cent and 60 per cent for the CEO and managing director, respectively.
Similarly, the median salary for male top executives is Rs 1.11 lakh, while for female top executives, it is Rs 1.07 lakh. Median salaries for male and female employees are Rs 7.14 lakh and Rs 7.03 lakh, respectively, with female employees receiving 10 per cent of the total gross wages.
In FY24, ITC allocated Rs 6,134.35 crore for employee benefits, with Rs 5,352.94 crore dedicated to salaries and wages. This expenditure represents a 6.9 per cent increase from the previous year’s spending of Rs 5,736.22 crore, which included Rs 4,885.49 crore on salaries and wages.
The report further revealed that the chairman and managing directors are eligible for performance bonuses of up to 300 per cent and 200 per cent of their base/group salary, respectively. These bonuses are determined by the Board based on recommendations from the Nomination and Remuneration Committee and are linked to the company’s performance, considering various qualitative and quantitative criteria.
