ITC saw 68 more executives getting a one crore and above salary in the financial year 2023-24, Business Standard reported, citing the tobacco and consumer goods conglomerate’s annual report.
This was a 24.11% increase compared to the year before. The total number of people drawing an above one crore salary was 350 in 2023-24 compared to 282 in 2022-23.
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ITC, India’s market leader in cigarettes, had 24,567 permanent employees as on March 31, 2024. It reported the median employee remuneration to have increased by 5%, and the average remuneration by 10% in the same period.
How much are the salaries at ITC?
The median salary of employees, other than key managerial personnel (KMPs) and the board of directors, was ₹7,14,281 for male and ₹7,03,725 for female employees.
How much does ITC’s top brass make?
Sanjiv Puri, the chairman and managing director of ITC, received a 49.6% jump in gross remuneration, which stood at ₹28.62 crore in 2023-23 compared to ₹19.12 crore in the previous year, according to a report by the Telegraph.
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B. Sumant, executive director of ITC received a 52.4% hike leading to a salary of ₹13.6 crore in 2023-24. The other two executive Directors, Supratim Dutta and Hemant Malik, also received 59% and 30% pay rise respectively, the report read.
How much has ITC spent on salaries?
ITC’s salary expenses went up by 6.9%, with the company spending ₹6,134.35 crore, consisting of ₹5,352.94 crore in salaries and wages. In comparison, ITC only spent ₹5,736.22 crore in the previous year, including ₹4885.49 crore in salaries and wages, according to a report by the Telegraph.
Why has ITC increased salaries?
ITC opened eight new factories and two hotels across India over the last two years, expanding their portfolio, which required increased hiring, the report read.
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