Tata Consultancy Services, India's largest software services exporter, said it has raised the chief executive N Chandrasekaran's maximum salary limit by 50% to Rs 15 lakh a month with effect from April 1, 2014, to "compensate for the additional business activities and responsibilities."
Including benefits and bonuses, TCS CEO was paid around Rs 12 crore in the year to 31 March 2013. The salary bump comes at a time when TCS is easily outpacing its competition in the Indian IT outsourcing industry. Revenue in 2012-13 grew 14%, ahead of the industry growth rate of about 11%.
TCS also expects to beat IT industry body Nasscom's 2013-14 growth expectations of about 12-14%.
There will be a proportionate increase in benefits related to his salary, the company said in its annual report for the year 2012-2013.
The company said it ask shareholders to approve Chandrasekaran's revised compensation at its annual general body meeting, slated to be held on June 28th