Newspatrolling: In a startling revelation, it has been found that there’s a huge gap in remuneration paid to CEOs in India and the salaries of average workers. The discovery was made after capital markets regulator SEBI (Securities and Exchange Board of India) had asked top Indian blue-chip companies to disclose their remuneration details. The details submitted have revealed that some of the biggest companies in India are paying as much as 1,200 times to their top executives, as compared to median employee remunerations. It has also been found that pay packages of top executives such as CEOs and Executive Chairman continue to be high and had actually increased in most private companies during the period 2016-17. What is even more startling is that median employee remuneration had either fallen or remained the same during 2016-17.
In comparison to private companies, the disparity was quite less among public sector companies. In public sector companies, the pay package of top executives was only 3-4 times that of median employee remunerations. It may be recalled that there is no such rule at present that dictates how much a company should be paying to their top executives in relation to median employee remunerations. Lupin paid the highest to its Chairman, around 1,263 times that of median employee remunerations. TCS also had a big gap with its top executive getting 515 times that of median employee remunerations.