Wipro chairman Rishad Premji takes 50% pay cut: Report

Rishad Premji’s compensation reduction is a first since the pandemic, when he had taken a 31% pay cut.

IT major Wipro chairman Rishad Premji voluntarily slashed his remuneration by nearly 50 per cent for the financial year ending March 2023. His total compensation for this period is $951,353, almost half of his remuneration in the previous fiscal year, media reports said. His remuneration amounted to $1,819,022 in the last fiscal.

Rishad Premji is the elder of the two sons of Azim Premji.(Mint photo)

The reduction in Wipro chairman’s compensation is a first since the Covid pandemic when he had taken a 31% cut. His 2019-20 compensation amounted to $0.68 million against the $0.98 million compared to the previous year.

In addition to his compensation, Rishad Premiji is eligible for a commission at a rate of 0.35 per cent on incremental consolidated net profits, Hindustan Times’ sister publication Mint reported. Wipro’s chief financial officer Jatin Pravinchandra Dalal has also taken an almost 32% cut in his compensation, the report added. For FY 2022-23, he received a total $1.1 million as against $1.6 million ( ₹12.1 crore) compensation in the previous year.

Last week, the company also rolled out an average variable payout for its employees for Q4 FY23, which stood at 80.2 per cent, news agency PTI reported.

The IT giant recorded a consolidated net profit of ₹3,074.5 crore in the fourth quarter of FY23, a slight decrease compared to the ₹3,087.3 crore profit a year ago in the same period. Wipro’s Q4 FY 23 revenue reached ₹23,190.3 crore, slightly lower than the ₹23,229 crore in the December 2023 quarter.