1 Crore salary hike for TCS' top honchos

By siliconindia   |   Monday, 08 June 2009, 16:16 IST
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Rs.1 Crore salary hike for TCS' top honchos
Bangalore: When companies are cutting salaries of their employees due to the economic slowdown, IT bellwether Tata Consultancy Services (TCS) has decided to increase the pay packages for its top management and board members. The total increase would be to the tune of 1 crore. During 2008-09, the total remuneration paid by TCS to its top executives and board members was Rs 12.80 crore compared to Rs 11.08 crore in the last fiscal. TCS said it paid remunerations by way of salary, benefits, perquisites and allowances and commission to Managing Director and executive directors and the annual increments were effective from April 1, every year. According to the company's annual report, Chief Executive S Ramadorai got the highest pay package, with a total remuneration of Rs 4.1 crore. Ramadorai's package grew by about 22 percent from Rs 3.37 crore he got in the previous fiscal. Incoming CEO N Chandrasekaran would be getting a better hike as he replaces Ramadorai later this year. The pay for Chandrasekaran rose by 36 percent from Rs 1.41 crore to Rs 1.92 crore. Among the board members, Executive Director Phiroz Vandrevala got the highest pay hike of 41 percent as it grew from Rs 1 crore to Rs 1.41 crore.

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