These are tough times, not just for the ones following lockdown sitting in homes but also to industries. This time is marked by job losses, salary cuts and bad news from all around.
Multinational companies are registering unprecedented losses, with top giants laying people off and cutting salaries of their employees to bring down company expenses and costs.
In such times, the Bengaluru-headquartered IT services exporter Infosys has been in news quite often.
Almost recently, we had headlined about the company, as it claimed that due to the Covid-19 led slowdown, many projects were to be terminated, which could potentially hit the company’s profits.
This article is however, on a brighter and a more informative side, as it neither involves any layoffs nor the proclamation of supposed loss in future.
Crore Earning Employees Rise in Infosys
The number of employees earning more than ?1 crore has risen to 74 in FY 2019-20, as compared to the count last year which was 64, in the IT giant Infosys.
A major part of this increase in payscale is attributed to a surge in the perquisite value of stock incentives previously granted and exercised during the year.
Speaking of remuneration, Infosys termed it to be a combination of fixed pay, variable pay, retiral benefits and the perquisite value of stock incentives exercised during the period.
Median Remuneration of Employees Rise
As of March 31, 2020, Infosys had 1,89,640 employees, on a standalone basis.
In order to attract and retain the best talent in the highly competitive IT industry, the company grants share-based benefits to eligible employees.
This led to the rise in median remuneration of employees in the current fiscal year to about 10%, or ?6.82 lakh in FY20.
However, Infosys revealed that there were no promotions at leadership levels, as well as the overall wages at leadership levels remained constant or lower during fiscal 2020.
- Infosys chairman Nandan Nilekani voluntarily chose to not receive any remuneration for his services.
- Infosys CEO Salil Parekh, on the other hand didn’t share the same views as the chairman.
- His pay package grew about 39% to ?34.27 crore in 2019-20, as per the company’s annual report.
- In 2018-19, Parekh’s compensation was at ?24.67 crore.
- According to the company’s annual report, his compensation included ?16.85 crore in salary, ?17.04 crore in stock options and ?38 lakh (others).
- Infosys’ Chief Operating Officer UB Pravin Rao’s compensation rose 17.1% to ?10.6 crore in FY20.
Infosys Finally Hopeful for the Future
Infosys CEO Parekh wrote a note to shareholders in the annual report, which confided confidence in the performance of the company and promised that it will closely monitor the impact of the pandemic as the market and client activity evolve.
With several European countries and US states starting to re-open, Infosys expects stability and expansion in their work in fields of global telecommunications, high technology and life sciences industries.
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.