TCS boss' salary hiked to Rs 15 lakh

Tata Consultancy Services (TCS), India's largest information technology services firm, has decided to revise the monthly salary of Chief Executive Officer (CEO) and Managing Director N Chandrasekaran by half to Rs 15 lakh.

The revised salary will be applicable with effect from April 1 next year.

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"Taking into consideration, the increased business activities of the company and the responsibilities cast on N Chandrasekaran, the Board has revised his maximum limit of salary from Rs 10,00,000 a month to Rs 15,00,000 a month, with effect from April 1, 2014," the company said in its annual report for 2012-13.

It also said the proportionate increase would also be applicable to the other benefits he was getting.

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For past many years, TCS has been growing consistently.

In the financial year ended March 2013, its net profit grew 30.9 per cent to Rs 13,941 crore and revenues grew 28.8 per cent to Rs 62,989 crore (Rs 629.89 billion).

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In that year, Chandrasekaran was paid Rs 11.69 crore (Rs 116.9 million), including benefits of about Rs 1.69 crore (Rs 16.9 million) and commission of Rs 9 crore (Rs 90 million).

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Recently S D Shibulal, CEO of India's second largest IT services company Infosys, decided to almost forgo his salary by opting for a Rs 1 pay cheque.