Infosys' senior staff salary cut by up to 47% in FY16 but founders not convinced
Of the 195 senior executives that earned a salary of over Rs 5 lakh per month, 88 of them witnessed fall in their gross remuneration by 0.45 percent to 47.31 percent in 2015-16
While differences between Infosys board and its founders came out in public last week over the marked rise in salary and severance packages given to select executives, the company said it had in fact reduced the gross salary of around 45 percent of its senior executives in 2015-16.
These set of employees have been earning an average salary in excess of Rs 5 lakh per month and worked with the company throughout the previous financial year, a report in The Indian Express said.
Of the 195 senior executives that earned a salary of over Rs 5 lakh per month, 88 of them witnessed fall in their gross remuneration by 0.45 percent to 47.31 percent in 2015-16 compared with the previous financial year, the report said.
Infosys had disclosed this information to its shareholders in its annual reports.
This fall in remuneration to senior executives in 2015-16 was mainly due to long-term bonuses being paid to them in the previous financial year.
However, founders of the company were not convinced about this data and said a clear picture will emerge only after analysing the salaries of senior executives.
V Balakrishnan, one of the founding members of Infosys, has told the newspaper that the data provided is incomplete for the reason that several people, who joined the company at senior levels, were working on site, and full data is not provided.
Sharp differences between the founders and board came to the fore last week, after Infosys founder N R Narayana Murthy and others raised an alarm over a sharp rise in salary given to non-founder CEO Vishal Sikka. Also, the founders were unhappy over the severance packages given to former senior executives, Rajiv Bansal and David Kennedy.
Founders flagged concerns about governance lapses at Infosys and raised issues like Sikka's compensation being hiked to $11 million and the board okaying a 30-month severange package for former CFO Rajiv Bansal.
Coming back to senior executives' salary, the disclosure made by Infosys to its shareholders showed that seven executives had joined the company in 2015-16, while number of people in the category with higher salary bracket that quit the company in the same financial year stood at 62.
More than two crore ITRs filed on new income tax portal; CBDT urges taxpayers to file returns at earliest
Asking taxpayers to file their income tax returns (ITRs) for fiscal 2020-21 (April 2020-March 2021) at the earliest, the Central Board of Direct Taxes (CBDT) said all ITRs have been made available for e-filing.
Sensex rallies over 500 points to reclaim 60,200 level after RBI policy outcome; Nifty up 149 points
Tata Steel was the top gainer in the Sensex pack, rising over 2 percent, followed by Infosys, TCS, Reliance Industries, HCL Tech and Bajaj Auto
The government on Monday extended the jurisdiction of paramilitary force to exercise its powers in states that it guards international borders