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India Inc pay gap: CEOs earn 1,200 times of other staff
A huge pay gap between CEOs and other employees at Indian companies has come to the fore, with the biggest listed blue-chip firms doling out to their top executives’ salary packages of up to 1,200-times of their median employee remunerations.
Top brass pay up at 6 Sensex firms; Wipro, Infy, Dr Reddy’s, Hero among other 6 that reported decline in C level execs’ remuneration
New Delhi: A huge pay gap between CEOs and other employees at Indian companies has come to the fore, with the biggest listed blue-chip firms doling out to their top executives’ salary packages of up to 1,200-times of their median employee remunerations.
An analysis of remuneration disclosures made by top listed companies forming part of the blue-chip index Sensex -- under directions of the capital markets regulator Sebi -- shows that the pay packages of senior-most personnel such as CEOs and executive chairmen continue to remain high and rose further at most private sector firms during 2016-17.
On the contrary, the median employee remuneration fell or remained almost same during the last fiscal, while the ratio of the top executive's pay to the median employee remuneration remained at astronomically high levels of hundreds-times in many cases. If there is more than one such director, the remuneration can’t exceed 10 per cent of the net profit to all such directors and managers taken together.
Among the 30 Sensex firms, at least 15 have already disclosed an increase in the ratio of top executive pay with that of the median employee remuneration for 2016-17.
Nine of the Sensex firms are yet to disclose these numbers and therefore the tally may go up. Six Sensex companies have reported some decline in this ratio and these include Wipro (down from 260 times to 259 times), Infosys (283 times), Dr Reddy's Lab (from 312 times to 233 times) and Hero MotoCorp (from 755 times to 731 times).
