Chart: India Inc salaries rise 17 percent in 2012

A quick study has shown that the salaries and wages component of companies rose 17 percent overall in 2011-12 against 40 percent in 2010-11.

Aggregate salaries of 442 companies, which have published annual reports until now as per ACE Equity data, rose Rs 1,91,311 crore from Rs 1,63,756.29 crore.

Among IT companies, TCS reported the biggest gain with a jump of 31.4 percent followed by Infosys (24.37 percent) and Wipro (22.27 percent).

 Among the top blue chip companies, Sterlite Industries saw a 60 percent increase to Rs 1,371 crore, while Mahindra and Mahindra reported an increase of 58.29 percent to Rs 4,132 crore.

The 40 percent increase in 2010-11 salary component could be attributed to the 3.9 percent fall in the salary component in the previous year resulting from the restructuring undertaken by the companies.

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A few state-owned banks reported a fall in salaries. Bank of India reported a 12 percent fall, Central Bank of India 15.4 percent, Union Bank of India 4.63 percent, Bank of Maharashtra 3.79 percent and Vijaya Bank 26.77 percent.

Shree Renuka Sugar reported the highest increase last year as its cost shot up by a whopping 273 percent to Rs 374 crore. However, this increase could be because the company changed its accounting period from October-September to April-March and hence the figures represent an 18-month period.