Just like every other tech giant Infosys is also in cost-cutting mode. Recently the company fired all the freshers who couldn’t clear an internal test. The company also slashed the average variable pay of its employees. Not only that but the CEO of the company, Salil Parekh, also got a reduction in his total salary. Here’s everything you need to know about it.
Infosys CEO Salil Parekh got a 21% salary cut for the financial year 2022-23. The company’s annual report revealed CEO Salil Parekh earned Rs 56.44 crore in the financial year 2022-23, reflecting a decrease compared to the previous year’s earnings. In the financial year 2021-22, Parekh received a total salary of Rs 71 crore. Parekh’s overall compensation consists of a base salary of Rs 6.67 crore, a performance-linked bonus of Rs 18.73 crore, stock awards worth 9.71 crores, and additional benefits of 45 lakhs.
The report further claims that the CEO’s total salary decline can be attributed to multiple factors, such as decreased stock option exercises and a revised bonus plan at Infosys. In the previous year, Parekh’s total salary comprised Rs 52.33 crore worth of unexercised stock options. Additionally, Infosys implemented a more performance-based bonus structure, reducing the CEO’s bonus.