HCL Tech CEO C. Vijayakumar earned a total salary of $3.46 million in the 2023 fiscal, the lowest among the top five IT companies in India.
In contrast, last year Vijayakumar was the highest-paid, having earned Rs 130 crore ($16.52 million).
Salary components
The total amount includes a base salary of $2 million, a performance-linked bonus of $1.43 million, and benefits, perquisites, and allowances worth $0.03 million.
This is nearly 80% less than the $16.5 million, or about Rs 130 crore, he earned in FY22.
Long-term incentives
According to the company’s annual report, the pay decline had to do with the absence of long-term incentives, or LTI which are payable every two years on “achievement of milestones or parameters decided by the board”.
Last fiscal, Vijayakumar earned…
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