Infosys CEO Salil Parekh’s Total Salary Reduced by 21%

Infosys CEO Salil Parekh experienced a 21% reduction in his total salary for the financial year 2022-23, as reported by Business Today. Parekh’s earnings for the year amounted to Rs 56.44 crore, marking a decrease compared to the previous year when he received Rs 71 crore. The reduction in Salil Parekh’s total salary can be attributed to multiple factors, such as decreased stock option exercises and modifications to Infosys’ bonus plan.Previously, Parekh’s total salary included stock options worth Rs 52.33 crore, howeverstock options were not exercised during the last year. Additionally, the company implemented a more performance-based bonus structure, resulting in a lower bonus pay out for the CEO.

Meanwhile, Infosys made headlines earlier for reducing the average variable pay of its employees by 40% during the quarter ending in March 2023. The decision was explained by citing a volatile market and unforeseen events impacting the company’s performance. Employees were informed via email, emphasising the need to adapt to market changes and view the current situation as an opportunity for collective commitment and resilience.

These cost-cutting measures reflect the company’s ongoing efforts to streamline expenses and navigate the evolving business landscape while ensuring sustained performance.