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TCS pays CEO Chandrashekaran Rs 10 crore special bonus.
MUMBAI: TCS CEO N Chandrasekaran\'s compensation rose 20% to Rs 25.6 crore in FY16 and he received an additional Rs 10 crore as part of the one-time special bonus the company announced in the year.
Chandrasekaran's compensation rose 20% in FY16, the co’s report showed. The median salary increase for TCS’ 353,843 employees was 9.2% in the same year.
MUMBAI: TCS CEO N Chandrasekaran's compensation rose 20% to Rs 25.6 crore in FY16 and he received an additional Rs 10 crore as part of the one-time special bonus the company announced in the year.
Excluding the bonus, Chandrasekaran's compensation now stands at 459 times the median level at company, up from 416 times in FY15.
Chandrasekaran received Rs 2.28 crore as salary, Rs 2.64 crore as perquisites and Rs 19 crore as commission and Rs 1.73 crore in other allowances.
Last April, TCS said it would give its employees a one-time bonus, at a total cost to the company of Rs 2,628 crores, to mark ten years of its listing on the stock exchanges.
Each employee was given a bonus equal to one week's salary for each year they have been with the company. Chandrasekaran, who joined TCS in 1987, received Rs 10 crore.
Chief Financial Officer Rajesh Gopinath's compensation rose nearly 39% to Rs 2.98 crores.
The median salary increase for TCS' 353,843 employees was 9.2% in the same year. Infosys' Vishal Sikka earned $7.45 million in FY16. His compensation is expected to rise to $11 million a year starting January 2017, ET has previously reported.
In FY16, TCS slipped behind Infosys in terms of growth. For the full-year, TCS' revenue grew 11.9% in constant currency terms. Infosys reported 13.3% growth for the year. The National Association for Software and Services Companies had said the industry grew 12.3% in FY16.
The company was also slapped with a nearly $1 billion verdict by a US jury in a case that involved the theft of trade secrets from Epic Systems. TCS has said it is appealing the verdict.
