At a time when mass layoffs have become a norm, tales of companies’ top executives taking paycuts often go viral. One such story is of IT major Wipro’s Chairman Rishad Premji. As per reports, Rishad Premji has taken a 50 per cent paycut for the financial year 2023.
According to a filing made to the Securities and Exchange Commission in the US, Wipro Chairman’s compensation was slashed to half in FY23. Based on this, Premji reportedly received a total compensation of $951,353 which is almost half of the compensation he received last year ($1,819,022.)
A report in Moneycontrol adds that as per Form 20-F submitted by Wipro, Rishad Premji received $861,620 as salary and allowances; $74,343 in long-term compensation benefits and $15,390 in other incomes.
Besides this, Premji also did not receive the commission on incremental consolidate profits this year as the latter was negative for the fiscal year 2023. The report adds that Wipro also did not grant any stock options to him this year.
Wipro Chairman Rishad Premji taking a paycut and losing out on all these perks in the wake of mass layoffs, has also received netizens’ response.
At a time when Google CEO Sundar Pichai’s whopping paycheque stirred and angered the internet, Premji’s paycut comes as a significant news. As per CNBC, during the pandemic too, the executive chairman of Wipro slashed his compensation by 31 per cent.