As Larsen & Toubro (L&T) Chairman SN Subrahmanyan sparked an online outrage with his comments advocating a 90-hour work week, a look at his salary for FY24 suggests he raked in a whopping 535 times the median salary of employees at the engineering and construction conglomerate.
As per L&T's annual report for FY24, Subrahmanyan earned Rs 3.6 crore salary, Rs 1.67-crore perquisites, retirement benefits of Rs 10.5 crore and commission to the tune of Rs 35.28 crore, which adds up to Rs 51.05 crore.
Meanwhile, the same report showed that the median wages of over 59,000 permanent workers stands at Rs 9.55 lakh.
"The median remuneration of employees of the company during the financial year was Rs 9.55 lakh. In the financial year, there was an increase of 1.32% in the median remuneration of employees," stated the annual report.
There were 59,018 permanent employees on the rolls of the company as on March 31, 2024.
"Average percentage increase made in the salaries of employees other than the managerial personnel for the FY 2023-24 was 1.74% whereas there is an increase in the managerial remuneration by 20.38%. Increase in managerial remuneration is mainly on account of higher profits and increase in commission rates," stated the report.
“How long can you stare at your wife,” Subrahmanyan is heard saying in a purported video address to employees where he urged them to spend less time at home and more in the office.
His remarks reignited the work-life balance debate, first triggered by Infosys co-founder Narayana Murthy’s suggestion of a 70-hour work week.
“I regret I am not able to make you work on Sundays. If I can make you work on Sundays, I will be more happy, because I work on Sundays,” Subrahmanyan is heard saying in an undated video circulating on social media.
“What do you do sitting at home? How long can you stare at your wife? How long can the wives stare at their husbands? Come on, get to the office and start working,” he further said.
Soon after, L&T issued a clarification saying the chairman’s remarks were in the context of extraordinary efforts required for achieving extraordinary outcomes for the nation.
“We believe this is India’s decade, a time demanding collective dedication and effort to drive progress and realise our shared vision of becoming a developed nation.
“The chairman’s remarks reflect this larger ambition, emphasising that extraordinary effort,” L&T spokesperson said in a brief statement.
Stating that nation-building is at the core of L&T’s mandate, it said for over eight decades, the company has been shaping India’s infrastructure, industries, and technological capabilities.
“At L&T, we remain committed to fostering a culture where passion, purpose, and performance drive us forward,” the spokesperson added.
In the video, Sumeet Chatterjee, Chief Communications Officer at L&T, is seen asking the chairman, “Why are L&T employees asked to work on Saturdays despite being a top conglomerate?” In response, the chairman says, “I regret I am not able to make you work on Sundays, to be honest. If I can make you work on Sundays, I will be more happy, because I work on Sundays also.” Subrahmanyan went on to share an anecdote. He cited a conversation he had with a Chinese person who said that China could surpass the US because of the country’s strong work ethic.
According to Subrahmanyan, the Chinese person said, “Chinese people work 90 hours a week, while Americans work only 50 hours a week.” Drawing a parallel, Subrahmanyan encouraged L&T employees to follow a similar work regime.
“So that’s the answer for you. If you have got to be on top of the world, you have to work 90 hours a week,” he is heard saying in the video.
With inputs from PTI
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