10 Indian CEOs who took home salaries up to Rs 60 crore in FY17

Zeebiz collates and lists salaries of CEO's in India after a report revealed that higher management earned up to 1200 times more than other employees.

Managing Director, Reliance Industries Ltd, Mukesh Ambani at a press conference. Image Source: IANS

Key highlights

A recent report by PTI revealed that higher management earned 1200 times more than employees

Hero MotorCorp Chairman, Pawan Munjal is the highest paid CEO on the list.

Wipro Chairman, Azim Premji is the least paid on this list.

Worker bees at Indian companies earn much less than its higher management.

Salaries of Chief Executive Operators was 1200 more than employees, a report by PTI said on Sunday.

The ratio between CEO salaries and median employee remunerations was revealed in a study of payment disclosures by the listed companies under directions of the capital markets regulator, SEBI.

Reliance Industries Ltd, Managing Director, Mukesh Ambani has not increased his salary from Rs 15 crore for the past few years; however Ambani was still the richest Indian billionaire listed on the Forbes’ list of world’s billionaires in 2017.

The company did not reveal its ratio of employee earnings in its latest annual report., the PTI report said.

Among the companies with the highest rise in top executive salary was Wipro, TCS, Kotak Mahindra Bank, Axis Bank, Bajaj Auto, Tata Steel, M&M, Hero Motocorp, Lupin and Bharti Airtel.

ITC Chairman, Y C Deveshwar: The report said that Deveshwar has given up his top executive role but the ratio for the current executive chief salary to other employees was much lesser at 59 times.

Deveshwar’s salary package in the FY17 was Rs 21.6 crore, an increase of 58%.

Bharti Airtel Chairman, Sunil Bharti Mittal: India’s largest telecom operator, Airtel’s MD and CEO took home an annual pay package of Rs 30.1 crore for 2016-17 period.

Airtel’s management earned 366 times more than its other employees in 2016-17, the report said.

ICICI CEO, Chanda Kochar: MD and CEO of ICICI bank, had an annual remuneration of Rs 7.85 crore during the financial year 2017.

The bank’s higher management earned 112 times more than other employees, the PTI report said.

Kotak Mahindra Bank MD, Uday Kotak: Kotak Mahindra Bank saw the ratio rise from 42 to 48, the report said.

In its annual report Uday Kotak’s salary was cited as Rs 2.47 crore.

Axis Bank CEO, Shikha Sharma: Sharma earned basic salary of Rs 2.7 crore and Rs 1.35 crore as variable pay. She also got an additional incentive of Rs 90 lakh.

The bank’s higher management earned 78 times more than its regular staff.

Bajaj Auto MD, Rajiv Bajaj: Bajaj Auto employees earned 522 times lesser than its higher management.

Rajiv Bajaj took home a salary of Rs 25.59 crore in FY17.

Hero MotorCorp Chairman, Pawan Munjal: One of the highest paid chairmen on the list, Pawan Munjal’s annual package was reported as Rs 59.66 crore in FY17. This was a 3.94% increase from the previous year, a report by PTI dated June 16 said.

The company’s higher management earned 731 times more than its regular employees.

Wipro Chairman, Azim Premji: Premji who ranked 72 on Forbes list of world’s billionaires in 2017 took home a package of nearly Rs 79 lakh ($ 1,21,853).

Wipro’s ratio was lower from 260 times to 259 times last fiscal.

TCS Chairman, N Chandrasekaran: As CEO of Tata Consultancy Services, Natrajan Chandrasekaran earned Rs2.44 crore in basic salary, Rs25 crore as commission and Rs2.7 crore in allowances, a PTI report dated May 30 said.

The company saw the ratio between top-paid executive pay and the median employee remuneration rise to 515 times, PTI said.

Infosys CEO, Vishal Sikka: The Indian IT major’s higher management earned 283 times more than its other staff. Sikka’s salary amounted to Rs 43 crore in FY17.