ITC hikes salaries for top earners: Crorepati paychecks up 24%
ITC has reported a significant 24.11% rise in the number of employees earning over ₹1 crore annually in the financial year 2023-24, compared to the previous year. The company's annual report reveals that an additional 68 high-ranking officials entered the top salary bracket, bringing the total to 350, up from 282 in the previous year. This surge is indicative of ITC's expanding operations and profitability.
Employee benefits expenditure rises by 6.9%
In FY24, ITC spent ₹6,134.35 crore on employee benefits, which includes ₹5,352.94 crore in wages, marking a 6.9% rise from the previous year when it spent ₹5,736.22 crore. This rise is attributed to the company's expanding portfolio which has necessitated more hiring, and boosted its human resource deployment with the opening of eight new factories as well as two hotels across India.
Profitability surge leads to employee remuneration increase
ITC's profitability has seen a substantial climb with a 24.5% increase in profit to ₹18,753.31 crore in FY23. This growth has led to an upward adjustment in worker remuneration, with the median pay of employees increasing by 5%, while the average remuneration climbed by 10% in FY24. Excluding key managerial personnel (KMP), the average remuneration increased by 9%.
Top executives receive significant pay hikes
The median pay for male employees, excluding KMPs and board members, was ₹7,14,281 while female employees got a median salary of ₹7,03,725. Notably, ITC's top executives bagged substantial pay hikes with Sanjiv Puri, chairperson and managing director, seeing a 49.6% hike in gross remuneration to ₹28.62 crore in FY24. Executive Director B. Sumant earned a 52.4% hike to his pay of ₹13.6 crore, while other executive directors saw increases between 30% and 59%.
