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India' highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list

<ul><li>Top executives in Indian companies are projected to enjoy at least 8.9% <keyword id="6355281" type="General" weightage="20" keywordseo="salary-hike" source="Orion">salary hike</keyword> this year as compared to 7.9% in 2021.</li><li>The same percentage was 5.1% in 2020 and 8.1% in 2019.</li><li>Top executives in the manufacturing sector with 9.3% and the information technology sector at 9.2% are likely to get the maximum salary hike this year.</li></ul>The top executives in India have something to celebrate about. Their salaries will grow by 8.9% this year - with a solid one percentage point increase from last year. This the highest upward movement seen in the last five years, as per a <keyword id="13968169" type="General" weightage="20" keywordseo="2022-Executive-Rewards-Survey-in-India" source="Orion">2022 Executive Rewards Survey in India</keyword> by Aon. The report also said that the average <keyword id="55739" type="General" weightage="20" keywordseo="CEO-compensation" source="Orion">CEO compensation</keyword> is at around ₹7 crore per year. Nearly 60% of a CEO salary is pay at risk — which is the sum of variable pay and long-term incentives (LTI). For other top executives like CFO, HR head and others, this is at 50%. “The annual long-term incentive for CEOs on average is 125% of the fixed pay. Most companies use a mix of performance and retention-based grants, with at least 50% of the grant amount linked to performance measures such as shareholder return, profit, revenue and cash flows,” says the report. <cmsannotation type="cmsannotation" annotationid="Manufacturing sector CEOs to get the best hikes" comment="subhead" text="Manufacturing sector CEOs to get the best hikes">Manufacturing sector CEOs to get the best hikes</cmsannotation> The salaries of the rest of the workforce is also expected to grow by 9.9%, said AON. “The organizations are expecting the salary increases to be ‘buoyant’ in the next 24 months as the salary budgets in the companies are steadily rising,” the report said. The sectors which are giving the sharpest CEO salary hikes are manufacturing at 9.3% and IT at 9.2%. CEOs from other sectors like consumer goods, financial institutions and life sciences could get a little over 8%. This CEO salary hike could be driven by the pandemic when they could not attract overseas talent - making the domestic C suite more attractive. “The cost of attracting, retaining and engaging leadership talent that grows business is rising rapidly. Not only is the average executive compensation increased the highest in five years, but variable pay and equity grants have also risen as companies cannot risk losing key talent at senior levels as this has implications on delivering business performance,” said <keyword id="211396" type="General" weightage="80" keywordseo="nitin-sethi" source="Orion">Nitin Sethi</keyword>, partner and CEO of Human Capital Solutions at Aon India. The survey received responses from 475 organizations from over 15 sectors and covering over 40 executive positions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/after-unacademy-vedantu-has-laid-off-600-people/articleshow/91643403.cms">Vedantu follows Unacademy’s footsteps — fires over 600 people in May</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/rajasthan-uttar-pradesh-saw-most-internet-shutdowns-after-jammu-and-kashmir-in-the-last-10-years/articleshow/91643000.cms">Rajasthan, Uttar Pradesh saw most Internet shutdowns after Jammu and Kashmir in the last 10 years</a>

Indian CEOs could get the best salary hike in 5 years; and they already make ₹7 crore/yr on an average

Indian firms are changing their style of working and rewarding compensation and are also getting more and more performance driven.
 This means, employees have to come out of their comfort zone and perform in a bid to get desired salaries and variable pays. Well, this is now also becoming a norm for CEOs of the <keyword id="46431" type="CITY" weightage="100" keywordseo="India-Inc">India Inc</keyword>. 

	The fixed pay of CEOs is dropping and their salaries are now based on performance.
 

	Nearly 50 per cent of the CEO salary is fixed and the remainder is performance-based.
 

	Aon Hewitt had conducted an executive compensation survey 2015-16 across eight industries. ET reported that one of the major factors for high percentage of pay for performance is pressure from shareholders, which has prompted companies to tie a greater percentage of their CEO compensation to outcomes and results.
 

	"CEO compensation is outcome-driven. Shareholders need to see there is connection between compensation and outcome. As CEO compensation increases so does percentage of performance-linked pay," Anandorup Ghose, partner, Aon Hewitt, told ET.
 

	On one hand where Fortune 250 companies have nearly 70 per cent allocation to long-term incentives, globally, pay for performance can account up to 85 per cent of CEO salary.
 

	"Listed organisations are more aggressive in pay for performance, and these would also pay a chunk of CEO salary in ESOPs (employee stock option plans). The upside for listed companies is that markets are funding the CEO compensation," Ghose told ET.
 

	Meanwhile, employees are lauding the move as it is a fair game. 
 

	Speaking about increments, the survey stated that there was a marginal drop in fixed pay at CEO and CXO levels.
 

	Also, the best long-term incentives that companies are giving are the stock options.
 

	(Image: Thinkstock)

Time to get out of the comfort zone? This big change is affecting salaries of CEOs

There is an ongoing battle across institutes that offer coaching for entrance exams to IITs, especially in Delhi and Kota. The centres are fighting for top faculty members and are ready to pay them as much as Rs 1 crore-plus salary. 
 
The teachers, who have IIT degrees or equivalent, are benefitting from the fight and the number of faculty members getting Rs 1 crore-plus is growing at a fast pace. 
 
"We have six crorepati faculty members," Modali Venkat Hari Kishan, manager, Bansal Classes, a training institute based in Kota, Rajasthan told Economic Times. 
 
Such high is the competition that staffers only stay with centre till they get the best deal. 
 
"Today, there are at least 15-20 people getting one crore-plus salaries in Kota alone. Then, there are other hubs such as Mumbai, Delhi, Kanpur and Patna, where the faculty would be getting even more," Sonal Rajora, a faculty member at Allen Career institute, told the financial daily. 
 
Meanwhile, as per sources, teachers are even earning Rs 2 crore and reportedly, there have also been instances of Rs 3-crore salaries. 
Industry sources told ET that a good faculty could easily earn Rs 1 crore within two to five years. On the flip side, professors in IITs start from Rs 10-11 lakh per annum and deans get Rs 25 lakh per annum. 
 
"We have faculty members with 10+ years of experience who draw Rs 1.5-2 crore salaries," Bansal Classes' Modali Venkat Hari Kishan told ET. 
 
Talking about the salary hikes, RL Trikha, Director, FIITJEE, told the financial daily that the average annual raise in between 10% and 50%. 
 
The coaching centre charge at least Rs 1 lakh as tuition fee from students. More than 10 lakh aspirants registered for the IIT-JEE this year. 
 
(Image: Indiatimes)

IIT coaches are raking in higher salaries than CEOs in India!

<ul><li>KBS Anand, MD &amp; CEO of Asian Paints, took home a total remuneration of ₹11.8 crore in financial year ending March 2019.</li><li>His remuneration has nearly doubled from ₹6.1 crore in five years ago while the median remuneration in the company has grown about 50%.</li><li>The profit for the company grown 60% and the share price has grown 160% in the same period.</li></ul>Asian Paints is India's largest paints manufacturer and home owners like it more than industries. The sector is largely fragmented where the supply has traditionally, and continues to, exceeded demand. The company's Managing Director and Chief Executive Officer (CEO), KBS Anand, took home a total remuneration of ₹11.8 crore in financial year ending March 2019. His remuneration has nearly doubled from ₹6.1 crore in five years ago while the median remuneration in the company has grown about 50%. 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The CEO's salary makes up for nearly 8% of the total employee cost. An increasing share of its workforce is on contract-- from 60% in FY15 to 68% at the end of FY19. 
 
 
 
 
 
 
 
 
 
 
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 Last year, the median remuneration grew 10% while the CEO's salary grew 12%. There was a similar gap in the year earlier too. Going forward, a bunch of uncertain factors will continue to hound the paints sector including the monsoon, early festive season, and the sickness in India's construction as well as automobile industry. The return on capital invested declined for a third year in a row, according to India Infoline, as the company continued to invest in new factories. The Middle East contributes the largest share of revenue to its international business (47%), with the rest coming from Asia and South Pacific regions. The company has 27 manufacturing plants across the world, of which 17 are based in India. It has a strong distribution network in India with more than 60,000 dealers across the country. SEE ALSO: <a href="https://www.businessinsider.in/Heres-how-much-an-IT-employee-makes-in-different-countries/articleshow/69739244.cms" data-type="tilCustomLink" target="_blank">Here’s how much an IT employee makes in different countries</a>

Asian Paints CEO's salary has nearly doubled in last five years while the company average was 50%

<ul class="summary-list"><li>During the pandemic, many white-collar workers left behind big cities for cheaper areas.</li><li>In response, some companies have said they'll cut salaries for <keyword id="11939555" type="UNKNOWN" weightage="60" keywordseo="remote-workers" source="Orion">remote workers</keyword> in different areas.</li><li>But CEO Phil Libin says he hopes to pay workers worldwide a San Francisco-level salary.</li></ul>Amid the <a href="https://www.businessinsider.com/how-big-city-suburbs-won-pandemic-migration-boom-2021-6">Great Reshuffling</a> of the pandemic, <a href="https://www.businessinsider.com/next-big-battle-over-work-from-home-remote-employees-salaries-pay-cut">Americans are moving</a> out of big city hubs like <a href="https://www.businessinsider.com/the-top-places-americans-moved-away-from-pandemic#4-san-francisco-california-7">San Francisco</a>. The wave of the future might be San Francisco-level salaries going with them, or those <a href="https://www.businessinsider.com/next-big-battle-over-work-from-home-remote-employees-salaries-pay-cut">salaries getting cut</a> once they move. And what if the Bay Area salary is attainable around the world, even as far away as India?<a href="https://www.reuters.com/world/the-great-reboot/pay-cut-google-employees-who-work-home-could-lose-money-2021-08-10/">Reuters reported</a> that Google could cut pay for employees who opt to permanently work from home, and even has an internal calculating tool to determine that. <a href="https://www.businessinsider.com/google-cut-remote-worker-pay-next-hybrid-work-battle-2021-8">Insider's Stephen Jones reported</a> it could mean a 25% pay cut for some of them.But as <keyword id="11956153" type="UNKNOWN" weightage="60" keywordseo="remote" source="Orion">remote</keyword> work and flexible <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> seems here to stay, at least one CEO is taking <a href="https://www.businessinsider.com/next-big-battle-over-work-from-home-remote-employees-salaries-pay-cut">the location and salary debate</a> step further.In an interview with <a href="https://www.businessinsider.com/next-big-battle-over-work-from-home-remote-employees-salaries-pay-cut">Insider's Aki Ito</a>, Phil Libin, who heads up video tool startup Mmhmm - he also cofounded Evernote - discussed the company's move to give all employees in the US a San Francisco-level salary, no matter where they're based.Read more: <a href="https://www.businessinsider.com/next-big-battle-over-work-from-home-remote-employees-salaries-pay-cut">There's a battle brewing over salaries for remote workers - and it could change the way everyone gets paid</a>"If you're an engineer working in India and you have a level of performance and productivity that's the same as an engineer working in Mountain View, you should be getting the same amount of money," Libin told Ito.As Ito reports, data from Salary.com finds that there is at least one large pay disparity for software engineers in India, compared to their US peers - someone with 10 years experience in the US earns nearly three times as much as a worker in India with the same qualifications. India Today <a href="https://www.indiatoday.in/technology/news/story/developers-in-us-earn-almost-3-times-more-than-indian-coders-developers-in-pakistan-too-earn-more-1648667-2020-02-21">reports</a> that a $70,000 salary gap exists between Indian engineers and US engineers. It's another potential harbinger of the economy that could emerge as the world slowly emerges from the pandemic. Flexibility is already the <a href="https://www.businessinsider.com/how-covid-changes-remote-work-housing-entertainment-fashion-flexible-economy-2021-7">name of the game</a> for many workers and consumers. In <a href="https://www.businessinsider.com/reviews/out?platform=browser&amp;postSource=bi%7C611a6e0afdabbb512e2c27e3&amp;sc=false&amp;type=LINK-WITH-REVIEW-SLASH-OUT&amp;u=https%3A%2F%2Fwww.flexjobs.com%2Fblog%2Fpost%2Fcareer-changers-seek-better-balance-ahead-pay-flexjobs-survey%2F&amp;sessionid=1629986801480sionid=1629986801480" rel="nofollow sponsored noindex">a survey</a> from remote and flexible jobs site FlexJobs of over 4,600 workers, respondents said they'd rather change roles to get better work-life balance - not for higher pay.More CEOs could adopt Libin's thinking: He wants to pay employees for the value they provide, not based on where they choose to live or what country they happen to be citizens of. "This change to distributed work and life is going to make us question everything."

The CEO of a Silicon Valley startup sees a future where global employees in locations like India make the same salary as those in San Francisco

<ul><li>Payment for <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> CEOs pay had a 20% variable component in 2022-23. </li><li>The long term incentive(LCI) component has increased to 40% of the total <keyword id="6356362" type="General" weightage="20" keywordseo="compensation" source="Orion">compensation</keyword> up from 26% in 2015-16. </li><li>For board and senior managerial positions, one in three organizations are focusing on improving the diversity levels</li></ul>Top executives in India will see their salaries rise by 9.1% on an average in 2023, as per an Executive Rewards Survey by <keyword id="240071" type="General" weightage="20" keywordseo="AON" source="Orion">AON</keyword>. Findings of the Executive Rewards Survey in India which analyzed data from 519 companies and more than 25 industries projects a 9.1% average <keyword id="10876" type="General" weightage="20" keywordseo="salary" source="Orion">salary</keyword> increase for senior executives in India in 2023. The average CEO compensation is ₹8.4 crore and has increased 21% in the last four years. It rose 5.1%, 7.9% and 9.7% in 2020, 2021 and 2022, respectively. Chief Financial Officer is the highest-paid CXO role, barring CEOs, amongst the BSE 100 companies. CFO is the highest paid CXO role, the salary being double of the CTO which is the second highest paid role amongst BSE 100 companies. Senior executives’ salary increases continue to focus on pay at risk, indicating the emphasis on rewarding executives for the value they bring to the organization. Payment for India CEOs pay had a 20% variable component in 2022-23, while in the US it was 23%. Meanwhile the long term incentive (LCI) component has increased to 40 per cent of the total compensation up from 26% in 2015-16. The study also found that among the top 30 companies in the Bombay Stock Exchange, LTI was provided at 176% of fixed pay for CEOs while it was at 103% for other C level executives like COO, CFO, sales leader and chief human resources officer. The average LTI amount for CEOs for the same set organizations is ₹10 crore. For board and senior managerial positions, one in three organizations are focusing on improving the diversity levels. Boards are embedding environmental, social and governance (ESG) factors, diversity and succession metrics in the long-term and short-term goals for CEOs and executive leaders. However, it was found that 60% of companies don’t measure employee attitudes on ESG initiatives. “In a rapidly evolving, volatile business environment, organizations seek to adopt executive pay programmes that drive the right behaviours, are cost effective and contribute to longterm business results. Organizations can therefore benefit from a data-driven approach to make better decisions regarding complex executive compensation issues while navigating business volatility,” said Nitin Sethi, CEO- Human Capital Solutions, India and South Asia at Aon. Compensation, and its related governance, continues to be an important issue for employers as they strive to build and maintain a resilient workforce. Pritish Gandhi, director and practice leader of the Executive Compensation and Governance Practice in India at Aon, says, “With rising shareholder activism, pay governance has become a key focus area for India Inc. As a result, organizations are updating their Malus clauses which refers to additional checks before vesting of long-term executive incentives – particularly in cases of material financial restatement.” At the same time, claw back clauses which allow organizations to retrieve past pay-outs under exigent circumstances of fraud and misconduct are also being applied for a duration of three to five years, as organizations design their 2023 executive compensation programmes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bajaj-finserv-posts-42-growth-in-q3-net-profit-to-1782-crore/articleshow/97441295.cms">Bajaj Finserv posts 42% growth in Q3 net profit to ₹1,782 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/weight-loss-startup-gets-slammed-on-shark-tank-india/articleshow/97440541.cms">SAS Fat to Slim: ‘Dangerous &amp; gimmicky’ weight-loss startup gets slammed on Shark Tank India</a>

Finance over tech: Salaries of CFOs double that of CTOs says AON survey

India is home to Asia’s second richest billionaire, the world’s costliest home and a bunch of millionaires. It is also home to some of the most well paid executives. 
 <keyword id="6355515" type="ORGANIZATION" weightage="80" keywordseo="Business">Business</keyword> Insider compiles a list of the highest paid <keyword id="6407546" type="COMPANY" weightage="80" keywordseo="CEOs">CEOs</keyword> across India. 
 
Kalanithi Maran 
 
Annual Salary: Rs 59.89 Crores 
 
It’s obvious that the most profitable television network in Asia would fill the pockets of its bosses. While the group’s TV channels and news publications are concentrated in South India, its FM channels and DTH services and enjoyed pan India. 
 
Kavery Kalanithi 
 
Annual Salary: Rs 59.89 Crores 
 
The wife of Kalanidhi Maran and Executive Director of Sun TV Network is the second highest paid executive. According to Fortune she is also the highest paid woman executive in India. 
 
Image credit: The Mint 
 
Naveen Jindal 
 
Annual Salary: Rs 54.98 Crores 
 
The Chairman of Jindal Steel and Power Ltd claims the third spot with an annual salary of around Rs. 55 Crores. Mr. Jindal is also well known for his efforts that led to the revision of the Flag Code of India which allows every Indian citizen the right to fly the National Flag 365 days a year. 
 
Kumar Mangalam Birla 
 
Annual Salary: Rs 49.62 Crores 
 
The current Chairman of the Aditya Birla Group is next in line. Kumar Mangalam Birla took over in 1995 at the tender age of 28 years after his father’s death. He then led the company to around 26 acquisitions in 17 yrs - the highest by an Indian company. 
 
Pawan Munjal 
 
Annual Salary: Rs 32.80 Crores 
 
The MD and CEO of Hero Moto Corp is the fifth member on the list. Pawan Munjal is the man behind the growth and success of the group. He is also a board member of the Indian Institute of Management, Lucknow. 
 
Brijmohan Lall Munjal 
 
Annual Salary: Rs 32.73 Crores 
 
The founder and Chairman of the Hero Group can also claim to be the president of Confederation of Indian Industries, the Society of Automobile Manufacturers in the past, and a member of RBI board. 
 The founder of the $32 billion <keyword id="6356323" type="UNKNOWN" weightage="80" keywordseo="Enterprise">enterprise</keyword> has been awarded with the Padma Bhushan. 
 
Sunil Kant Munjal 
 
Annual Salary: Rs 31.51 Crores 
 
Sunil Kant Munjal was appointed Joint Managing Director of Hero MotoCorp on Aug 17, 2011 for a period of 5 years. He was appointed on the board of directors in 2006 as a non-executive director. 
 
P R Ramasubrahmaneya Rajha 
 
Annual Salary: Rs 30.96 Crores 
 
While the name maybe Ramco Cement, the company has its hands into cement, mortar and wind power generation, all thanks to the Chairman and MD P R Ramasubrahmaneya Rajha who leads the company. Rajha has been associated with the group since its foundation in 1938. 
 
Image credit: Thynkfeed 
 
Shinzo Nakanishi 
 
Annual Salary: Rs 30.90 Crores 
 
Shinzo Nakanishi has been leading India’s largest auto manufacturer Maruti Suzuki since 2007. He was made the Director by Suzuki in 1999. 
 
 
Murali K Divi 
 
Annual Salary: Rs 26.46 crore 
 
Chairman and Managing Director of Divi's Laboratories Dr. Murali K Divi has 30 years+ of experience in the pharmaceutical industry. He is a member of several important medical associations like the American Pharmaceutical Association, American Cosmetic Society, American Chemical Society and American Institute of Chemical Engineers. 
 
Image credit: Forbes 
 
(Image credit: Indiatimes)

Top 10 highest paid CEOs of India

The CEO’s pay had never come up for discussion at <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>, India's second-largest software company, as the position always went to founders, who held shares in the company and this compensated for their comparatively low salary. But now, as the firm is going to hire its first non-founder CEO, it is ready to spend some bucks to attract talent. 
 
According to sources, Infosys will match the salary of the new CEO with the top companies in the industry to reach out to top IT executives. Salary of $2 Million per annum is being looked at for this position. 
 
Infosys had reported revenue of $8.4 billion in the financial year 2013-14. 
 The vacancy for a new chief executive arose after the current chief executive SD <keyword id="164476" type="PERSON" weightage="100" keywordseo="Shibulal">Shibulal</keyword> expressed desire to step down earlier than his planned retirement in March 2015. 
 
Till now, Infosys’ chief executives have been making money from the dividends earned through shares. Shibulal got only Rs 16 lakh as salary during the financial year 2013-14, but he holds about 25 lakh Infosys shares. 
 
Some experts, however, have expressed doubt whether Infosys' decision to cough up dollars would be enough to attract top talents as there is ambiguity on the role and powers of the new chief executive. 
 
"Matching the rivals (when it comes to CEO salaries) is fine, but anyone interested in the job would be more concerned with what role and powers he will have," said the head of a Bangalore-based staffing firm that also works on CEO compensation. 
 Both <keyword id="327609" type="COMPANY" weightage="100" keywordseo="Egon-Zehnder">Egon Zehnder</keyword> and Infosys did not comment on the matter.

Infosys’ New CEO To Get Salary At Par With
TCS, Wipro, Cognizant

<ul><li>According to the Monster Salary Index, employee satisfaction with regards to pay dropped by almost 22%. </li><li>Despite that, three in four employees in India are satisfied with their jobs. This includes employee relations with peers and senior management, shows the <keyword id="8330817" type="UNKNOWN" weightage="20" keywordseo="monster-survey">Monster survey</keyword> </li><li>The consumer confidence on <keyword id="47201" type="COMPANY" weightage="20" keywordseo="income">income</keyword>, employment and spending declined to six-year low in September, as per Reserve Bank of India (RBI).</li></ul>India’s <keyword id="36141" type="ORGANIZATION" weightage="20" keywordseo="economic-slowdown">economic slowdown</keyword> is eating into the income of salaried employees. According to the Monster Salary Index, employee satisfaction with regards to pay has dropped by almost 22%. The slowdown caused job cuts, delayed salaries, decreased <keyword id="632631" type="PERSON" weightage="20" keywordseo="hiring-sentiment">hiring sentiment</keyword> and resulted in fewer increments. The consumer confidence on income, employment and spending declined to six-year low in September, as per <a href="https://m.rbi.org.in/Scripts/PublicationsView.aspx?id=19332">Reserve Bank of India </a>(RBI). The net headcount of public sector companies dropped by 2.6% year-on-year in 2019. Employees are not too confident of their income increasing either year. However, almost half of the respondents expect it to increase in the coming year. “Analysing employees’ job satisfaction-levels is essential to understand and measure the perceived quality of working conditions. This is pivotal as the working population spends close to 1/3rd of the day at work,” Krish Seshadri, CEO, Monster.com, APAC &amp; Middle East said. Despite the anger over salaries, three in four employees are satisfied with their jobs. This includes employee relations with peers and senior management, as per the survey. Across industries, employees in the construction and technical consultancy, healthcare, caring services and social Work, information and communication technology services, legal and market consultancy and business activities sectors are highly satisfied with their jobs. ICT services witnessed the highest growth in terms of satisfaction amongst all recorded sectors. The survey analysed data between January 2016 to December 2018. The wage analysis is based on data collected from Paycheck.in, the Salary Calculator and Monster Salary Index from the period. See also: <a href="https://www.businessinsider.in/careers/news/hiring-managers-reveal-a-big-reason-for-high-unemployment-in-india/articleshow/71970122.cms">Hiring managers reveal a big reason for high unemployment in India</a> <a href="https://www.businessinsider.in/careers/news/employers-want-gurus-and-ninjas-while-employees-remain-thinkers-and-starters/articleshow/72037100.cms">Employers want ‘Gurus’ and ‘Ninjas’ while employees remain thinkers and starters</a>

Indians are unhappy with their pay but satisfied with their jobs

Mumbai, Apr 18 () Diversified group Raymond Chairman and Managing Director Gautam Hari Singhania has said he will forgo his salary during the lockdown and will take a substantial pay cut after that to help support his company during this challenging time. "In light of the current situation, I have taken the decision that I will not be taking any salary from the company till the lockdown is in place. And, after that I will be taking a substantial reduction on the same," Singhania said in a video message to Raymond employees on Friday. He said liquidity is becoming a major problem, and the teams within the organisation are working hard to find cash. "I think we have to survive at any cost. We must conserve cash at any cost. And also make sure to focus on our collections. Every drop counts. We have to work hard to stay afloat at this tough time," he added. Further, he said that during the current tough times, each and everybody in the organisation will be required to take some tough measures and personal sacrifices. "We need to brace ourselves for this unprecedented time. And I am sure but he has come out at the end of it," he added. Singhania has joined in with his peers who have stood up to the challenges and have shown their commitment by taking pay cuts to support their business amid the COVID-19 crisis. The COVID-19 pandemic has brought havoc to businesses that led many companies resorting to pay cuts and layoffs not only in India but across the world. Uday Kotak, Ritesh Agarwal, Vijay Shekhar Sharma, Anand Mahindra are among many top executives who have announced to forgo their salaries. Kotak Mahindra Bank CEO Uday Kotak has opted to forego his salary and will take only Re 1 as compensation, OYO Hotels &amp; Homes CEO and founder Ritesh Agarwal will take a 100 per cent salary cut for the rest of the year to enable building the runway for the company, Paytm CEO and founder Vijay Shekhar Sharma announced that he will not take two months' salary, Mahindra &amp; Mahindra chairman Anand Mahindra is contributing his 100 percent salary to deal with the severe impact of the coronavirus pandemic. SM HRS

Raymond CMD Singhania decides to forgo salary during lockdown, to take pay cut after that

<ul><li>Bangalore, India’s IT capital, is the highest paying city in the country. </li><li>Hyderabad took the second spot for junior level roles with CTC at ₹5 lakhs. But for mid and senior levels, Mumbai is the second highest paying city with ₹15.07 lakhs 33.95 lakhs, respectively. </li><li>It has the highest average CTC at ₹5.27 lakh for junior levels (0-6 years), ₹16.45 lakh at mid level (6-15) and ₹35.45 lakh at senior level. </li></ul>If you want to draw a good salary, it might be a good idea to move to Bangalore. The IT capital offers the best salaries according to the Randstad Insights Salary Trends Report 2019. In the city, a junior employee is paid as an average CTC of ₹5.27 lakh. While mid level employees make ₹16.45 lakh and seniors around ₹35.45 lakh per annum. The city offers the highest pay for all three levels. Hyderabad took the second spot for junior level roles with CTC at ₹5 lakhs. But for mid and senior levels, Mumbai is the second highest paying city with ₹15.07 lakhs 33.95 lakhs, respectively. The next best cities are Pune and NCR. “Against the backdrop of the current economic growth scenario, this report comes as an eye opener for both companies and professionals on building their talent pools and competencies. A period of stasis is the best time to push pause, reset the priorities and build towards future proofing of the organization,”said Paul Dupuis, MD &amp; CEO, Randstad India. In May this year, government data showed that joblessness in the country was 6.1% of total labour force during 2017-18, the highest in 45 years. 
 
 
 
 
 
 
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 IT is the highest paying industry in India There are no surprises when it comes to the best paying industry which is IT. Juniors in the field are paid ₹4.96 lakhs per annum and seniors at ₹35.84 lakhs. “The renewed demand for professionals with digital skills – cloud, product management, analytics, AI and automation – could be the major factors for the sector’s strong showing this year,” said the report. There is a huge demand-supply gap between Artificial Intelligence and Machine Learning experts. As a result, there’s a cut throat competition for people in AI/ML. “Talent with the ‘right-fit’ skills commands a significant premium over their peers and companies are not constrained by bell curves and averages when it comes to the salary structure for professionals with in-demand skills; evidenced by the findings of this report,” said Dupuis. Professional services sector — that includes GST compliance specialists, accountants, management consultants and lawyers — ranked as the second highest paying sector for junior and senior levels, while topping the salaries for mid-level (₹15.3 lakhs) professionals. See also: <a href="https://www.businessinsider.in/careers/news/ai-and-machine-learning-jobs-are-in-demand-but-hiring-is-difficult/articleshow/72879872.cms">Indian CEOs are having a tough time retaining AI, ML, and data science experts</a> <a href="https://www.businessinsider.in/business/news/india-facing-great-slowdown-economy-headed-to-icu-modi-govts-1st-cea-subramanian/articleshow/72868717.cms">India facing 'Great Slowdown', economy headed to ICU: Modi govt's 1st CEA Subramanian</a>

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