153 ITC employees receive salaries more than Rs 1 crore in FY21

Of the 153 ITC employees, the Fast Moving Goods Consumer Goods (FMCG) business of ITC, has 96 managers earning more than Rs one crore in FY21. [Representative image]

ITC has 153 employees who received salaries more than Rs 1 crore per annum in FY21.

ITC Private Ltd. added almost 39 employees that received a salary of more than a crore, taking the total of such employees to 153 in the last financial year, as per a report in The Economic Times.

Of the 153 employees, the Fast Moving Goods Consumer Goods (FMCG) business of ITC, which accounts for 65 percent of ITC’s consumer income and over 90 percent of revenue in FY21, has 96 managers earning more than Rs one crore in the last financial year.

The salaries of top FMCG executives have witnessed a mixed trend this year. In comparison to the largest FMCG company in the country, Hindustan Unilever Ltd. has 123 executives that received a salary of more than a crore in FY21 outstripping ITC, the report added.

Moreover, HUL has seen a marginal fall from 129 to 123 in FY21 even as HUL merged GSK Limited adding over 3,500 workers along with 21 executives receiving a salary of more than a crore per annum.

The pay package of ITC Chairman and Managing Director Sanjiv Puri also saw a jump of 47 percent to Rs 11.47 crore to Rs 11.95 crore in the financial year 2021, the company reported in its annual report. In FY20, Puri was paid a total remuneration of Rs 7.83 crore by the company.

ITC had changed the remuneration structure of its key managerial structure in 2019 after its largest shareholder British American Tobacco turned down the proposal to issue stock options to top executives. Puri’s salary for FY20 only accounted for a few months of this change as it was approved by the board in September 2019. The effect of restructuring is reflected in his current salary.

HUL slashed the salary of its chairman and managing director Sanjiv Mehta by 21 percent to Rs 15.4 crore in FY21 from Rs 19.42 crore in FY20. Nestle managing director Suresh Narayanan’s remuneration climbed 6.3 percent to Rs 17.19 crore in the calendar year 2020 from Rs 16.17 crore in 2019. Nestle follows the January-December financial year.