Infosys top brass gets over Rs.10 Crore hike
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Infosys top brass gets over 10 Crore hike

By SiliconIndia   |   Tuesday, 28 April 2009, 06:16 Hrs   |    15 Comments
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Infosys top brass gets over Rs.10 Crore hike
Bangalore: IT major Infosys, which laid off thousands of employees for non performance and froze the wages, hikes and fresh hiring in the new fiscal 2009-10 owing to slowdown, gave their top brass a hefty collective hike of over Rs 10 crore (Rs 100 million) in their pay packets during the last fiscal.

The collective remuneration of all the board members and top management personnel rose by Rs 10.28 crore (Rs 102.8 million) to Rs 29.16 crore (Rs 291.6 million) in the fiscal 2008-09, according to the auditors' report to the company board on the consolidated financial statements of Infosys and its subsidiaries.

B G Srinivas, the head of European business and executive council member, was paid highest remuneration of Rs 4.67 crore (Rs 46.7 million) in the fiscal ended March 31, 2009. Srinivas was followed by Ashok Vemuri, who is based in the U.S. and heads the company's BFSI and capital markets business. Vemuri's total compensation rose to Rs 4.04 crore (Rs 40.4 million) from Rs 2.81 crore (Rs 28.1 million) in the previous fiscal.

Srinivas' total remuneration rose by Rs 1.6 crore (Rs 16 million) from Rs 3.07 crore (Rs 30.7 million) in the previous fiscal, but he was second to CFO V Balakrishnan in terms of increase in the total payout. Balakrishnan's remuneration increased from Rs 63 lakh to Rs 2.36 crore in last fiscal - an increase of 1.73 crore (Rs 17.3 million).

The hike was relatively lowest at Rs 9 lakh for Nilekani as also for Chief Operating Officer S D Shibulal and whole time director K Dinesh.

In terms of total remuneration, which includes salary, contribution to providend and other funds as well as perquisites and incentives, Srinivas and Vemuri were followed by director and HR head Mohan Das Pai (Rs 2.59 crore), CFO Balakrishnan (Rs 2.36 crore), Srinath Batni (Rs 1.87 crore), Chandra Shekar Kakal (Rs 1.58 crore) and Subhash B Dhar (Rs 1.27 crore).

The total payout was below Rs 1 crore (Rs 10 million) for each of Nilekani, Gopalakrishnan, Shibulal, Dinesh and all the independent directors, except for Sridar Iyengar who got Rs 1.02 crore (Rs 10.2 million).

Surprisingly, the fattest pay package at the country's second-largest IT exporter does not go to its chief mentor and non-executive chairman N Narayana Murthy, Co-Chairman Nandan Nilekani or CEO and MD S Gopalakrishan. Nilekani's package rose from Rs 82 lakh to Rs 92 lakh, Gopalakrishnan's from Rs 81 lakh to Rs 92 lakh and that of Murthy increased from Rs 50 lakh to Rs 63 lakh.

Earlier this month, Infosys said that it was freezing the wage hikes and fresh hirings for the current fiscal, although it would honor all the 18,000 campus offers made last year. Hit by global slowdown, the company has forecast first ever decline in its full-year revenue in its guidance for the current fiscal.

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Reader's comments(15)
1: Infosys has lost its charm its no longer dream company cos if one puts himself in the shoes of employees who have been laid off..the employees were escorted out of the campus by HR..dont u guys think its not only highly discourteous but utterly inhuman...now with the way employees have been dealt i dont think any one would dare to join infy in near future...as salary ..projects...everything sucks in there...
Posted by:srini - 04 May, 2009
2:
Infosys is the most Hypocrytic company.They say something and do something. I am one of the victims of their so called firing of Non Performers.I was promised a project in written E Mail from the management but suddenly i was bullied to Quit.Had i resisted to resign i would have been terminated. CRR 4 which is an Internal rating is based purely on Politics and Connections with your managers. I have witnessed myself how managers give preference to some people without looking at the Skill Level.Managers have saved their favourites from getting Axed.It is all Politics,Networking and Connections in Infosys .That is the way to get a Project ,Promotion and incentives.

Infosys is Powered by Politics and Driven by Bullies.They dont care for their Employees.They are White Collar Gundas……….The bad thing is that Publicize a lot about their values and Ethics .This hurts coz during firing nothing is Transparent .everything is Opaque…..

Thank God i got rid of this Sick company.

rohit Replied to: srini - 08 May, 2009
3: Its a failure of management, if they can't fetch business and not of the employee who has no work, because there is no business out there with company. Firing employees, giving zero hikes to employees and now this news of getting hikes in top management. I think this is what they call Driven By Values.
Posted by:Dushyant - 29 Apr, 2009
4: Its a failure of management if trhey can't fetch business not of the employee of has not got any work because there is no business out there with company. Firing employees, giving zero hikes to employees and not this news of getting hikes in top management. I think this what they call Driven By Values.
Posted by:Dushyant - 29 Apr, 2009
5: Its a failure of management if trhey can't fetch business not of the employee of has not got any work because there is no business out there with company. Firing employees, giving zero hikes to employees and not this news of getting hikes in top management. I think this what they call Driven By Values.
Posted by:Dushyant - 29 Apr, 2009
6: I am unable to understand that why the co. has increased their salaries.The company should retain their staff instead of increasing the top salaries.
Posted by:SRINIVAS - 29 Apr, 2009
7: The top brasses should "understand" that the salaries are primarily due to the jobs being done by the staff. So at least bare minumum interest of the staff is to be protected first and then think of salary hikes!
Posted by:Suhas - 29 Apr, 2009
8: A cut is a cut and must be across board. Did not expect this from Infosys?
Posted by:Sridhar - 29 Apr, 2009
9: PAying Top brass suc a big booty is not the problem, The problem is why blame recession (while they enjoy perks) and lay-off employees, their benefits and renumeraration
Posted by:eshaan - 28 Apr, 2009
10: Hi, another point which was not mentioned in the article and which is the truth. All the senior management folks mentioned have accepted near 50% cut in their salaries because of this slow down and low performance of the company. Infosys could atleast save the employees by protecting their jobs. They should be happy...
Posted by:Victor - 28 Apr, 2009
11: Infosys is what is it today because of the people mentioned in the list. So why don't they deserve a hike. Inspite of slowdown the company is still running and paying salaries to its employees on time. I guess it was must to put a break on salary hikes. It was going over the roof from last couple of years. To me it just looks like a correction.
Posted by:Sunil - 28 Apr, 2009
12: It is much more worse in public limited manufacturing companies. Down the line staff get the crumbs & top people never get affected by slowdown/recession.
Posted by:Sheshadri - 28 Apr, 2009
13: this happens in every company top management guys will get the lions share and the employees gets only peanuts or the employees will get the pink slip....
Posted by:Ashwin - 28 Apr, 2009
14: here is the real plight of the employees. They will still send a techie off and give hikes to bosses. Great.
Posted by:jagan - 27 Apr, 2009
15:
I must say ... Hard Word returns ... and there are exceptions .. as always !
Mehul Doshi Replied to: jagan - 28 Apr, 2009
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