TCS CEO earns Rs 26.5 crore as IT major announces massive layoffs
Krithivasan's salary comprised a base salary of Rs 1.39 crore, alongside Rs 2.12 crore in benefits, perquisites, and allowances, as well as Rs 23 crore in commission, according to the latest annual report.
Netizens and IT employees were irked that his pay was 329.8 times the median employee salary.
Praveen Chakravarty, a netizen, posted on X: 'TCS CEO pay: Rs 35 cr; Top 5 leadership: Rs 40 cr; Avg employee: Rs 15 lakh. If top 100 took small pay cuts, it can save 12,000 jobs. Their lives won't be terrible at Rs 2.5 cr pay vs Rs 3 cr. For 12,000 families, lives will be miserable at 0 pay vs Rs 15 lakh. AI is real; mass layoffs need not be".
Other officials at the top also received enormous compensation. Former Chief Operating Officer and Executive Director of TCS, NG Subramaniam, received a salary of Rs 11.55 crore until May 2024, following which he stepped down from his roles at the company. The payment included a base salary of Rs 30 lakh, Rs 7.24 crore in benefits, and Rs 4 crore in commission.
Each of the non-executive directors, Hanne Sorensen and Pradeep Kumar Khosla, was paid Rs 2.74 crore. Independent director Keki Mistry received Rs 3.06 crore in total compensation, which included Rs 3 crore in commissions and Rs 5.7 lakh as sitting fees
N Chandrasekaran, Chairman, received Rs 2.1 lakh as sitting fees, and no commission.
India's largest IT services firm, TCS, announced to lay off approximately 2 per cent, or 12,261 employees, from its global workforce this fiscal, citing a strategic change in operations. The layoffs primarily targeted middle- and senior-grade employees.
The IT major said that the layoffs are not motivated by cost-cutting or automation, but rather by the challenges of redeploying talent whose current roles no longer align with the company's evolving skill requirements.
The IT giant is currently focusing on large-scale deployment of artificial intelligence (AI) and other new technologies, which are reshaping demand across the IT sector.
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