 "tata, tata group")
Senior officials at the Tata Group have been awarded handsome increments ranging from 16 to 60 per cent, The Economic Times (ET) has reported. High-growth companies such as the Indian Hotels (IHCL), Tata Power, Trent, and Tata Consumer are among the leading businesses that have given generous hikes to their employees, the report added.
This comes when the board of Tata Sons has acknowledged the group's highest growth in its history. The group has registered $97 billion in sales revenue in 2022-23, large entities of the country's most-valued and diversified conglomerate have grown by 20 per cent, the ET report said.
Officials have received generous hikes in their total package, which includes salary, perquisites, commission and other benefits. For some executives, the increase is in the range of 20-50 per cent, data shared by group companies in their annual reports showed.
Tata Group operates 30 companies across ten business domains, including technology, steel, automotive, consumer and retail, infrastructure, financial services, aerospace and defence, tourism and travel, telecom and media, and trading and investments.
CEO of a Tata Group company told ET that top officials of the Group's high-growth companies are being rewarded and have been instructed to continue to focus on tapping opportunities and increasing the pace of growth.
In its latest board meeting, Tata Sons' officials stated that older operating companies have adequate cash flows to fund their plans of large investments. The Group plans to make significant investments in Tata Digital and Air India, the ET report added.
An official from the Tata Group told ET that FY23 had been one of the best years for the group in terms of performance, both pre and post-Covid. In 2021, the group restored the salaries of its employees after they were slashed by up to 20 per cent to control costs during the Covid-induced economic turmoil in 2020.
