In the financial year 2023-24, ITC saw a significant 24.11% increase in the number of employees earning over Rs 1 crore annually. The company’s annual report revealed that 68 more senior officials entered this top salary bracket, bringing the total to 350, up from 282 in the previous year. All 350 employees received either an annual salary of at least Rs 102 lakh or a monthly salary of at least Rs 8.5 lakh for part of the year.
This increase in highly-paid employees is attributed to ITC’s expanding portfolio, with the company opening eight new factories and two hotels in India. This expansion led to increased hiring and deployment of human resources.
The total workforce in FY24 increased by 3.5% to 24,567 employees. The median compensation for salaried employees rose by 5%, with a significant increase of 50% and 60% for the CEO and managing director, respectively. Additionally, male top executives had a median salary of Rs 1.11 lakh, while female top executives had a median salary of Rs 1.07 lakh. Median salaries for male and female employees were Rs 7.14 lakh and Rs 7.03 lakh, respectively, with female employees receiving 10% of the total gross wages.
ITC allocated Rs 6,134.35 crore for employee benefits in FY24, with Rs 5,352.94 crore dedicated to salaries and wages, representing a 6.9% increase from the previous year’s spending. Furthermore, the report revealed that the chairman and managing directors are eligible for performance bonuses of up to 300% and 200% of their base/group salary, respectively. These bonuses are determined based on the company’s performance, considering various qualitative and quantitative criteria.
