According to a report of Business Today, Infosys CEO Salil Parekh’s total salary has been reduced for the financial year 2022-23.
The report also suggested that his salary is higher than the average Infosys employee. The average Infosys employee earned Rs 10.3 lakh in the fiscal year 2022-23. The salary for FY23 is Rs 56.44 crore. However, the previous year, the salary package was Rs 71 crore.
Salil Parekh’s compensation has declined due to several factors including:-
- Lower stock option exercises.
- A change in the company’s bonus plan.
Earlier, Infosys said that the average variable payout for Q4FY23 has been reduced to 60 percent at an organizational level.
The employees will receive individual emails regarding the Payout. The variable pay would be disbursed along with the May salary. In Q1FY23, Infosys had lowered variable payout to 70 percent, which was then reduced to 65 percent in Q2.
Infosys said that it will be allocating more than 5.11 lakh equity shares to top-performing employees.
Infosys said in the exchange filing, “This is to inform that the Company has allotted 5,11,862 equity shares on May 12, 2023, pursuant to the exercise of Restricted Stock Units by eligible employees.”
The pursuant to the exercise of Restricted Stock Units by eligible employees as hereunder:
- 1,04,335 equity shares under the 2015 Stock Incentive Compensation Plan.
- 4,07,527 equity shares under the Infosys Expanded Stock Ownership Program 2019.
Consequently, on May 12, 2023, the issued and subscribed share capital of the company stands increased to Rs.20,749,373,460/- divided into 4,149,874,692 equity shares of Rs. 5/- each.
Infosys CEO and MD Salil Parekh said, “Our strong performance in FY23 is a testimony to the continued focus on digital, cloud, and automation capabilities which resonated with our clients. We have launched exciting programs with our clients leveraging generative AI platforms”.
The company’s attrition rate during the fourth quarter dropped to 20.9 percent, as compared to 24.3 percent in Q3 FY23. The attrition rate in the September 2022 quarter was 27.1%. The percentage of Women Employees’ contributions as of March 31 is 39.4 percent.
The total employee count as of March 31 stood at 3,43,234, marking a drop of 3,611 employees as compared to the previous quarter. Infosys’ total employee count stood at 3,46,845 in Q3FY23.
