 "TCS CEO Krithivasan's salary for FY24 at Rs 25 cr, COO earned Rs 26.18 cr")
K Krithivasan, chief executive officer (CEO) and managing director of Tata Consultancy Services (TCS), took home a salary of Rs 25.4 crore from India’s largest information technology services firm in financial year 2023-24 (FY24).
Krithivasan took charge of the company on June 1, 2023. The FY24 remuneration includes compensation for the full year, with his service as the company’s global head for banking, financial services and insurance (BFSI) from April 1, 2023 to May 31, 2023, and as CEO and managing director from June 1, 2023 to March 31, 2024, according to TCS's FY24 annual report.
Krithivasan's salary is slightly less than that of former CEO Rajesh Gopinathan, who received a remuneration of Rs 29.16 crore for FY23.
N Ganapathy Subramaniam, chief operating officer and executive director of TCS, who retires in May, received a remuneration of Rs 26.18 crore in FY24.
Subramaniam's salary increased 8.2 per cent in FY24, and his ratio to the median remuneration stood at 346.2.
According to the annual report, the percentage increase in the median remuneration of employees in FY24 is 10.8 per cent. There are 601,546 permanent employees on the company's rolls. The average annual salary increase for TCS employees in India ranged from 5.5 per cent to 8 per cent, with top performers receiving a double-digit increment.
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In the course of the year, the total increase ranged between 7 per cent to 9 per cent after accounting for promotions and other event-based compensation revisions. Employees outside India received a salary increase ranging from 1.5 per cent to 6 per cent, said the company.
“The increase in remuneration is in line with market trends in the respective countries. In order to ensure that remuneration reflects the company's performance, the performance pay is also linked to organisation performance, individual utilisation, and individual performance,” said the annual report.