Almost sixty senior executives at Infosys earned more than ₹1 crore in the fiscal year 2019. This was double the number earning that figure in the previous year, with several senior executives attaining great jumps in compensation after they exercised stock options for FY19, said the company.
Infosys reported in financial year 2018 fewer than 30 employees who were based in India and who received salaries over Rs 1.02 crore. That number, however, has since jumped to 64 for fiscal 2019.
Gross compensation increased significantly even for those not listed as key managerial personnel at the company, data published by the Bengaluru-headquartered IT services firm showed.
For instance, gross remuneration for Deepak Padaki, who heads corporate strategy and risk for the company, rose nearly 75% to Rs 3.16 crore in FY19, up from Rs 1.81 crore in FY18.
Koushik RN, EVP and group head of global immigration, received a 41% bump in gross remuneration. Gross compensation for Binod Hampapur, the head of global talent and technology, rose over 30% to Rs 5.2 crore. “A significant part of the increase in remuneration of the above-mentioned employees…is on account of the increase in perquisite value of stock incentives previously granted and exercised during the year,” Infosys said in a note, explaining the increases. The remuneration includes fixed pay, variable pay and retirement benefits, in addition to the value of stock incentives.
Among the top executives, CEO Salil Parekh received Rs 24.6 crore in compensation, including Rs 7.6 crore in restricted stock options. Chief operating office UB Pravin Rao received Rs 9.1 crore. Infosys president Mohit Joshi got Rs 15 crore, while deputy chief operating officer Ravi Kumar S received Rs 13.2 crore.
At rival TCS, CEO Rajesh Gopinathan earned Rs 16 crore last year. Interestingly, two among the top 10 highest-paid employees at Infosys came to the firm as part of the company’s acquisition of Noah Consulting. Noah directors Stewart Nelson and Shannon Tassim each earned a little over Rs 6.8 crore in FY19.
Infosys, which has seen high attrition rates, has said its salary hikes are differentiated, with high-performers getting far bigger pay increases than average performers. The company also said it was looking at its compensation and incentives structure to stem attrition.
In a separate development, Infosys said it had now invested $59 million from its $500 million innovation fund. In FY19, the company also divested stake in two investments, resulting in a net gain of $8 million.