TCS sweetens paycheques of top execs
08 June 2009
Although the recession has forced the IT industry to resort to layoffs and other cost-cutting measures, this hasn't stopped the country's top IT firm Tata Consultancy Services from raising the pay of its top management and board members by a total of over Rs1 crore.
The Tata Group entity paid a total remuneration of Rs 12.80 crore to its key management personnel and board members during 2008-09, up from Rs 11.08 crore in the previous fiscal, according to its annual report.
In terms of total package, chief executive S Ramadorai was the highest paid executive with a total remuneration of Rs 4.1 crore in the fiscal. Ramadorai's pay package grew by about 22 per cent from Rs 3.37 crore in 2007-08, but it was lower than a hike of 36 per cent for chief operating officer N Chandrasekaran.
Chandrasekaran, who would replace Ramadorai as TCS chief executive later this year, saw his remuneration rise from Rs1.41 crore to Rs1.92 crore.
Executive Director Phiroz Vandrevala got the highest pay hike of 41 per cent among the company's board members. His remuneration rose from Rs1 crore to Rs1.41 crore.
The hike in the remuneration for Chandrasekaran and Vandrevala together exceeded the increase in the company's total employee cost of about 25 per cent.