COVID-19 impact: TCS CEO Rajesh Gopinathan's pay package reduces 16% to Rs 13 cr in FY20 from Rs 16 cr in FY19
Pay package of Tata Consultancy Services CEO and MD Rajesh Gopinathan shrank more than 16 percent to Rs 13.3 crore in 2019-20 compared to the previous fiscal, according to the company's annual report
New Delhi: Pay package of Tata Consultancy Services CEO and MD Rajesh Gopinathan shrank more than 16 percent to Rs 13.3 crore in 2019-20 compared to the previous fiscal, according to the company's annual report.
In 2018-19, Gopinathan had received a total remuneration of Rs 16.02 crore.
According to TCS' annual report for 2019-20, Gopinathan received Rs 1.35 crore in salary, Rs 1.29 crore in perquisites, Rs 10 crore in commission (at 0.02 percent of profit) and Rs 72.82 lakh in allowances.
In the previous year, Gopinathan had received Rs 1.15 crore in salary, Rs 1.26 crore in perquisites and Rs 60.35 lakh in allowances. However, he had drawn a higher commission of Rs 13 crore in 2018-19 at 0.03 percent of profit.
"The managerial remuneration for the year decreased by 15 percent. The executive remuneration for FY2020 is lower than FY2019 in view of the economic conditions impacted by the COVID-19 pandemic. The Directors have decided to moderate the executive remuneration for this year to express solidarity and conserve resources," the annual report said.
TCS COO N Ganapathy Subramaniam also took home a smaller pay package in FY2020.
His earnings declined by 12.9 percent to Rs 10.11 crore in 2019-20 on account of lower commission as compared to Rs 11.61 crore in the previous fiscal.
Ramakrishnan V, TCS chief financial officer, took home a Rs 3.98 crore-package in FY2020.
The Mumbai-based company said the average annual increase was six percent in India.
"However, during the course of the year, the total increase is approximately 7.7 percent, after accounting for promotions and other event-based compensation revisions. Employees outside India received a wage increase varying from 2 percent to 6 percent," the report said.
The increase in remuneration is in line with the market trends in the respective countries, it added.
The report said the percentage increase in the median remuneration of employees in FY2020 was 2 percent. TCS' permanent employee base was at 4.48 lakh at the end of 2019-20 fiscal.
Among the eight regions of Maharashtra, the Pune region reported the highest 1,483 new COVID-19 cases, followed by 970 cases in the Mumbai region
Maharashtra's COVID-19 recovery rate stands at 97.06 percent, while the fatality rate is 2.12 percent
On 9 February, Maharashtra had reported 2,515 new COVID-19 cases, while 22 deaths were registered on 8 March