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Saturday, December 3, 2022

TCS CEO Earned Rs 5 Lakh/Day; Annual Salary Increased By 53% To Rs 20.36 Crore

According to the Tata Consultancy Services‘s annual report, the CEO and MD Rajesh Gopinathan took home a pay package of about Rs 20.36 crore in 2020-21.

Salary Drawn By TCS CEO
Prior to this, Gopinathan had received a total remuneration of Rs 13.3 crore in 2019-20.

To be specific, Gopinathan received Rs 1.27 crore in salary, Rs 2.09 crore in benefits, perquisites and allowances, and Rs 17 crore in commission, as per the TCS’ annual report for 2020-21.

During the last financial year, TCS Chief Operating Officer, N Ganapathy Subramaniam drew a pay package of about Rs 16.1 crore.

The package included Rs 1.21 crore in salary, Rs 1.88 crore in benefits, perquisites and allowances, and Rs 13 crore in commission.

Further, the report mentioned that the increase in the managerial remuneration for the year was 55.22 percent.

The report said, “Increase in the managerial remuneration for FY2021 is not comparable with FY2020 owing to decrease in remuneration of 15 percent in FY2020 in view of the economic conditions impacted by the COVID-19 pandemic wherein the Directors had decided to moderate the executive remuneration for FY2020 to express solidarity and conserve resources,” it added.

Average Salary Increase In TCS
In India, the average annual increase in salaries was 5.2 percent.

After accounting for promotions and other event-based compensation revisions, the total increase is approximately 6.4 percent during the year.

In the case of the employees living outside India, they have received a wage increase varying from 2 to 6 percent, as the report mentioned.

Further added that the increase in remuneration is in line with the market trends in the respective countries.

Moreover, the percentage increase in the median remuneration of employees in FY2021 was 0.03 percent as per the report.

By the end of the 2020-21 fiscal year, TCS’s permanent employee base was at 4,48,649.

On June 10, 2021, TCS held the 26th Annual General Meeting virtually.

Future Plans For TCS
“The company sees immense growth opportunities, riding the new technology cycle that has kicked off, powered by the belief that its differentiated capabilities and collaborative, the solution-centric approach makes it the preferred transformation partner of its customers,” said TCS Chairman N Chandrasekaran

He further added, “It is building on that belief, and investing in sharpening the capabilities needed to expand its footprint in this large opportunity,” In his letter to the shareholders.

TCS made a swift recovery during the rest of the year Despite having a sharp fall in revenues in the first quarter and successfully clocked full-year revenues of Rs 164,177 crore in FY2021.

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