Valuation of top-10 firms plunges Rs 4,95,061 crore
This was in line with a bearish trend in equities, where Tata Consultancy Services (TCS) and Reliance Industries faced the sharpest erosion.
As COVID-19 pandemic hits growth numbers of country’s largest conglomerate, Tata Group, in the last financial year, top management of the group will take around 20 per cent pay-cut in an effort to conserve cash, report said.
Remuneration package of Tata Consultancy Services’ (TCS) Chief Executive Officer Rajesh Gopinathan shrank more than 16 per cent to Rs 13.3 crore in 2019-20 compared to the previous fiscal, according to the company’s annual report. In 2018-19, his compensation was Rs 16.02 crore. Similarly, firm’s Chief Operating Officer N Ganapathy Subramaniam’s pay also witnessed a drop of around 12 per cent and brought his earnings to over Rs 10.11 crore in FY20 from previous fiscal year’s Rs 11.61 crore.
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Ramakrishnan V, TCS chief financial officer, took home a Rs 3.98 crore-package in FY2020.
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“However, during the course of the year, the total increase is approximately 7.7 per cent, after accounting for promotions and other event-based compensation revisions. Employees outside India received a wage increase varying from 2 per cent to 6 per cent,” a report issued by TCS had said.
A times report suggested that Group’s Hotel management will also follow TCS’ footsteps to take a salary cut in this quarter.
The main aim behind the pay cut is to set an example and boost morale of the employees in the time of a crisis, report said.
It also suggested that top executives of group’s majority of the companies including Tata Steel, Tata Power, Tata Motors, Tata Capital, Tata International, and Voltas, and others will have their salaries slashed in the current year.
As of now, Tata Group is one of the few major conglomerates of the country to announce remuneration-cut on the top-most level.
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