According to a recent filing with the Securities and Exchange Commission in the U.S., on Thursday, May 25, Rishad Premji, the Executive Chairman of Wipro, has voluntarily reduced his remuneration for the fiscal year 2023.
For the fiscal year that concluded in March 2023, I.T. giant Wipro Chairman Rishad Premji saw an almost 50% reduction in his pay. He will get $951,353 in total salary, which is roughly 50% less than what he was paid during the previous fiscal year.
According to Wipro’s Form 20-F submitted to the U.S. Securities and Exchange Commission, Rishad Premji’s compensation for the previous fiscal year was $1,819,022.
For the first time since the Covid-19 outbreak, Wipro’s Chairman’s salary has seen this level of reduction. He suffered a 31% cut during the pandemic. He received a total compensation of $0.68 million for the 2019–20 fiscal year compared to $0.98 million the year before.
Rishad Premji is also entitled to a commission on increased consolidated net profits at a rate of 0.35% in addition to his salary. But the business decided that no commission was due for the upcoming fiscal year because the additional consolidated net profit for the year was negative.