ITC Sees Rise in Crorepati Employees as 68 More Executives Earn Over ₹1 Crore in FY24

ITC, a major Indian conglomerate, has reported an increase in the number of employees earning over ₹1 crore in the financial year 2023-24. According to their annual report, 68 more employees joined the crorepati club in FY24.

The report states, “There were 350 employees who worked throughout the year and received a total remuneration of ₹102 lakh or more. Additionally, some employees who worked part of the year earned ₹8.5 lakh per month or more during the financial year ending on March 31, 2024.”

In the previous financial year, FY23, 282 employees earned over ₹1 crore. The total number of employees for FY24 was 24,567, marking a 3.5% increase from the previous year. The median salary for employees rose by 5%, while the CEO and executive director saw increases of 50% and 60%, respectively. The median pay for male top executives was ₹1.11 crore, and for female top executives, it was ₹1.07 crore. The median salary for male employees was ₹7.14 lakh, and for female employees, it was ₹7.03 lakh. Female employees received 10% of the total wages.

Sanjiv Puri, the chairman and managing director of ITC, earned a gross remuneration of ₹28.62 crore for FY24, which is a 49.6% increase from the previous year. B. Sumant, the executive director, received a gross salary of ₹13.6 crore for FY24, a 52.4% rise from the previous year. Other top executives also saw their pay increase by 30% to 50%.

The report also mentioned that the Chairman and each Executive Director are eligible for a performance bonus of up to 300% and 200% of their basic or consolidated salary, respectively. This bonus is determined by the Board based on recommendations from the Nomination & Compensation Committee and is linked to the company’s performance, considering various qualitative and quantitative criteria.

In other news, ITC shareholders have approved the demerger of the company’s hotel business with a 99.6% majority vote.