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| Image Credit: Kalinga TV |
The Coronavirus, a little but powerful virus, is wreaking havoc on the entire world. People were pushed back into their homes as a result of it. Millions of people in lower positions lost their employment. As a result, a large number of workers faced pay cutbacks. And it appears that those in the lower ranks were not the only ones who suffered.
Many top management people have taken wage cutbacks to some extent in the spirit of camaraderie with their coworkers. Mr C. P. Gurnani, Chief Executive Officer (CEO) and Management Director (MD) of Tech Mahindra is one such individual at the top.
Salary dropped by 33%
According to the company's current annual report, CP Gurnani, CEO and MD of Tech Mahindra, received Rs 22 crore in pay in the previous fiscal year, down from Rs 33.2 crore the year before.
Gurnani's remuneration includes a salary of Rs 2.7 crore, perquisites at Rs 9 crore, and commissions for Rs 1.7 crore. He was also eligible for Rs 1.8 crore in trade payables. The remaining portion of the income is unknown, however, it is believed to be largely stock compensation perks.
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Part of the reduction could be due to the company's top management's decision in the first quarter of last year to forego their bonus/variable pay in order to deal with the pandemic's financial impact. The corporation is currently in a state of silence and has declined to disclose any additional information.
Salil Parekh, the CEO of Infosys, earned Rs 49 crore the previous fiscal year, while Rajesh Gopinathan, the CEO of TCS, received more than Rs 20 crore. Changes in stock vesting schedules frequently cause significant variances from year to year.
(Source: Times of India)
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