Infosys' crorepati employees count jumps to 74 in FY20

Indian IT services giant Infosys' crorepati (millionaire) employee count jumped to 74 in FY20 (2019-20) from 64 in FY19 (2018-19).

The coveted club comprises employees at the designation of vice-presidents, senior vice-presidents.

When compared to FY19, a substantial rise in the compensation of these executives in FY20 came on the back of an increase in perquisite value of stock incentives, Infosys's annual report showed.

Compensation comprises fixed pay, variable pay, stock options, and retirement benefits utilised during the period.

Also Read: Infosys CEO Salil Parekh's pay package increases to Rs 34.27 crore in FY20

The median remuneration of employees (MRE) went up 10% to 6.8 lakh in FY20, from Rs 6.2 lakh before. Meanwhile, after taking into account the promotions and other event-based remuneration revisions, the average annual rise in the compensation of employees stood at 7.3% in India.

The ratio of Infosys CEO Salil Parekh and COO UB Pravin Rao's compensation to MRE stood at 502 and 155 respectively.

However, the tech giant's overall wages at leadership levels remained unchanged or lower with no promotions during FY20 (at the leadership level). Many of the key management personnel (KMP) did not undergo the increment process in the last fiscal.

Speaking about the present environment in his letter to shareholders, chairman Nandan Nilekani said "...the real test will come in the coming months when we must find ways to understand and respond to the gradually evolving dynamics of the new normal. Technology will prove an ally here. That said, building systems and operating models at enterprise scale is an exercise in factoring scale intrinsically into the design of solutions."

Also Read: Infosys to cut multiple senior roles, ensure faster decision-making