The average annual rise in salaries is 5.2 per cent in India with 55.22 per cent jump in managerial remuneration
According to the company's annual report, Rajesh Gopinathan, CEO and MD of Tata Consultancy Services, received a pay package of around Rs 20.36 crore in 2020-21.
Gopinathan was paid a total of Rs 13.3 crore in the fiscal year 2019-20. Gopinathan received Rs 1.27 crore in salary, Rs 2.09 crore in benefits, perquisites, and allowances, and Rs 17 crore in commission, according to their annual report for 2020-21. In the previous financial year, TCS Chief Operating Officer N. Ganapathy Subramaniam received a compensation package of almost Rs 16.1 crore. This comprises a salary of Rs 1.21 crore, benefits, perquisites, and allowances of Rs 1.88 crore, and a commission of Rs 13 crore.
The increase in the managerial remuneration for the year was 55.22 per cent, the report said. "Increase in the managerial remuneration for FY2021 is not comparable with FY2020 owing to decrease in remuneration of 15 per cent in FY2020 in view of the economic conditions impacted by the Covid-19 pandemic wherein the Directors had decided to moderate the executive remuneration for FY2020 to express solidarity and conserve resources," it added.
The average annual increase in salaries was 5.2 per cent in India. During the course of the year, the total increase is approximately 6.4 per cent, after accounting for promotions and other event-based compensation revisions. Employees outside India received a wage increase varying from 2 to 6 per cent, the report said.
The increase in remuneration is in line with the market trends in the respective countries, it added. The report said the percentage increase in the median remuneration of employees in FY2021 was 0.03 per cent. TCS’s permanent employee base was at 4,48,649 at the end of 2020-21 fiscal year.
The 26th Annual General Meeting of the Mumbai-based company will be held virtually on June 10, 2021. TCS Chairman N. Chandrasekaran said the company sees immense opportunities for growth, riding the new technology cycle that has kicked off, powered by the belief that its differentiated capabilities and collaborative, solution-centric approach makes it the preferred transformation partner of its customers.
"It is building on that belief, and investing in sharpening the capabilities needed to expand its footprint in this large opportunity," he said in his letter to the shareholders. Despite a sharp fall in revenues in the first quarter, TCS made a swift recovery during the rest of the year and clocked full-year revenues of Rs 164,177 crore in FY2021.