Hot Shot Indian CEOs Join Re 1 Salary Club

Surveys have reported that last financial year India Inc’s net profit margin had dropped to 5 percent. Many companies have been struggling since the last financial crisis five years back. In such conditions the Re salary move may also take place in other Indian boardrooms.

"This is expected to motivate and boost employees' confidence. Investors too like such austerity measures as it doesn't cost anything to the company”, said Ajit Premkumar of EAL Consulting.

However, the $1 concept is nothing new that has been recently introduced. It all started during the World War I when the U.S. citizens were asked to help the country during the crisis situations on a voluntary basis. But since the government couldn’t accept services without any remuneration, they worked on $1. Gradually the idea incorporated into the corporate industry. Chrysler’s Lee Iacocca was the first CEO to chuck his salary at a buck in 1978.

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