Infosys’ CEO Salil Parekh’s salary rises 27% YoY to $6.15 million in FY20

Business
Infosys CEO Salil Parekh raked in $6.15 million in FY20, up 27 percent, compared to last year, according to the US Securities and Exchanges Commission filing.

This includes $801,264 in salary, $1.54 million in bonus and incentives, $53,425 in long term benefits and $3.7 million in restricted stock units.

For FY19 period, his remuneration was $4.8 million.

UB Pravin Rao, COO, Infosys, remuneration jumped from $1.78 million in FY19 to $2.3 million in 2019-20.

His remuneration includes salary, bonuses and incentives and RSUs valued at $1.1 million for the year ending March 31, 2020.

Employee and subcontractor cost increased close to 10 percent each. Sub-contractor cost increased to $945 million in FY20, compared to $860 million for the same period last year. Employee costs increased from $5780 million to $6406 million.

The rise was mainly on an account of increase in compensation and usage of technical sub-contractors to meet the talent crunch, the statement added.

While the Infosys’ remuneration increased, remuneration of its counterparts in TCS declined at the back of COVID-19.

In the annual report, the company said, “The managerial remuneration for the year decreased by 15 percent. The executive remuneration for FY2020 is lower than FY2019 in view of the economic conditions impacted by the COVID-19 pandemic. The Directors have decided to moderate the executive remuneration for this year to express solidarity and conserve resources.”

Rajesh Gopinathan’s salary fell 16 percent from Rs 16.02 crore to Rs 13.3 crore. Remuneration of N Ganapathy Subramaniam, COO, declined by 12.9 percent primarily due to lower commissions. His salary stood at Rs 10. 11 crore, according to reports.

Written by Rakesh Sashmal