A multinational corporation that provides information technology, consultant, and business process services, Wipro Chairman Rishad Premji has taken a 50 percent voluntary cut in his salary for the fiscal year 2023.
Rishad Premji will receive $951,353 in total annual compensation in FY23. This is almost 50 per cent of FY22, his total compensation in FY22 was $1,819,022.
Rishad Premji’s current 5-year term as Executive Chairman of Wipro Limited will conclude on July 30, 2024. Prior to this he was the Chief Strategy Officer and was responsible for shaping Wipro’s strategy to drive sustained and profitable growth. He has worked in several roles at Wipro before becoming Executive Chairman in 2019.
“However, in light of the fact that the incremental consolidated net profits for the fiscal year 2023 were negative, the company determined that no commission was payable for the fiscal year 2023 to Rishad A. Premji,” the company said in the filing.
Additionally, the salary included $861,620 in salary and allowances, $15,390 in other incomes, and $74,343 in long-term compensation benefits. He is also entitled to a commission at the rate of 0.35 percent on incremental consolidated net profits of Wipro Limited over the previous fiscal year.
Earlier, the company reduced the employee’s salary by 50 percent from Rs 6.5 lakh to Rs 3.5 lakh per annum. To fast-track onboarding more than 90% of the freshers have accepted lower salary options.
Jatin Dalal, chief financial officer at Wipro said, “The next-gen associates were given both the options and 92% of the campus hires chose to join Wipro at the original offer.”
Wipro saw a reduction in employee count from January to March 2023. The firm’s total headcount at the end of the March quarter slipped to 256,921 from 258,744 in the last quarter. Wipro has reduced its headcount by 1,823. In its fourth quarter voluntary attrition rate decreased to 14.1 percent.
