Number of crorepati employees in Infosys goes up
The median remuneration of employees in fiscal rose 10%, Infosys saidThere were no promotions during fiscal 2020 at leadership level Infosys employees who earned over
The rank of Infosys employees who earned more than ₹1 crore in FY 2019-20 rose to 74, as compared to 64 the previous year. A significant part of the increase in remuneration in fiscal 2020 compared to fiscal 2019 is on account of the increase in perquisite value of stock incentives previously granted and exercised during the year, Infosys said. Remuneration includes fixed pay, variable pay, retiral benefits and the perquisite value of stock incentives exercised during the period.
Infosys had 1,89,640 employees (on a standalone basis) as of March 31, 2020. The company grants share-based benefits to eligible employees with a view to attracting and retaining the best talent.
The median remuneration of employees in fiscal rose 10% to ₹6.82 lakh in FY20. The overall wages at leadership levels remained constant or lower and there were no promotions during fiscal 2020 at leadership level, Infosys said.
Infosys CEO Salil Parekh saw his pay package growing about 39% to ₹34.27 crore in 2019-20, according to the company's annual report. Parekh's compensation was at ₹24.67 crore in 2018-19. The company's annual report for 2019-20 showed that his compensation included ₹16.85 crore in salary, ₹17.04 crore in stock options and ₹38 lakh (others).
Infosys chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services, the report said. Chief Operating Officer UB Pravin Rao's compensation rose 17.1% to ₹10.6 crore in FY20.
In his note to shareholders in the annual report, Infosys CEO Parekh said the company will closely monitor the impact of the pandemic as the market and client activity evolve.
"We can already see several European countries and US states starting to re-open. We see stability and expansion in our work in the global telecommunications, high technology and life sciences industries," he said.
"We remain extremely focussed on the needs of our clients in this environment and even more ready to expand our support to our clients as the world collectively emerges from the unprecedented situation," he said.
Nilekani, in his address, also emphasised that the post-cloud era – characterised by increasingly intelligent, autonomous and self-healing digital infrastructure – is bringing the industry the opportunity to do more.
Infosys' 39th annual general meeting (AGM) will be held on June 27 through video conference and other audio visual means (VC). (With Agency Inputs)
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