Rishad Premji pay: Azim Premji son beaten by CEO Abidali Neemuchwala salary by massive amount
Abidali Neemuchwala, who was paid in US dollars, received an equivalent of Rs 6.29 crore in gross salary, Rs 1.70 crore in variable pay, Rs 10.2 crore in other annual compensation along with other perks, taking his total compensation to Rs 18.23 crore for FY2017-18.
Abidali Neemuchwala, Chief Executive Officer and Executive Director, Wipro just received a massive hike in his salary. The Wipro Chief saw his pay package growing over 34 per cent to Rs 18.23 crore during FY2017-18 compared to the previous fiscal. As per the company's annual report, Chief Strategy Officer (CSO) Rishad Premji pay also grew by a massive amount after he received an over 250 per cent hike to Rs 5.8 crore in the said fiscal.
According to the report, Neemuchwala, who was paid in US dollars, received an equivalent of Rs 6.29 crore in gross salary, Rs 1.70 crore in variable pay, Rs 10.2 crore in other annual compensation along with other perks, taking his total compensation to Rs 18.23 crore for FY2017-18.
Rishad Premji received Rs 93.33 lakh in salary, Rs 53.52 lakh in allowances and Rs 4.13 crore under commission/incentives/variable pay along with other perks, taking his compensation for the fiscal to Rs 5.8 crore.
The report said the computation of remuneration to Rishad Premji included cash based bonus (part of his variable pay) on an accrual basis, which is payable over a period of time.
Besides, Wipro CFO Jatin Dalal saw his remuneration increase by 2.42 per cent to Rs 4.65 crore.
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"Remuneration comprises of salary, allowances, commission, performance based payments, perquisite and Company’s contribution to provident fund and superannuation as per the definition contained in Section 2(78) of the Companies Act, 2013 paid during the year. It also includes perquisites value of Restricted Stock Units (RSUs) exercised, if any, by employees," said Wipro's annual report.
"Computation of remuneration to CEO and Executive Director is on an accrual basis and includes amortisation of ADS Restricted Stock Unit," the report added.