Indian CEOs earn only one-tenth of the salaries raked in by their counterparts in the US and significantly lower compared to those in the UK and Germany.
The top executives of the country’s biggest blue chip companies, forming a part of the 30-share benchmark index Sensex, were paid an average remuneration of Rs. 9.9 crore in 2013-14, up from about Rs. 8.5 crore in the previous year.
In comparison, the average CEO pay for the companies forming part of the US stock market’s 30-share benchmark index Dow Jones Industrial Average stood at $17.5 million (Rs 105 crore) last year.
The corresponding figures for the UK and Germany stood at about Rs. 60 crore and Rs. 50 crore, respectively.
The average figure of Rs. 10.06 crore for 2013-14 has been derived through an analysis of the latest pay disclosures so far made by companies in their latest annual reports.
They do not include the value of stocks owned by these persons as well as other accrued benefits.
Among Indians with higher pay packages, Hero MotoCorp’s MD and CEO Pawan Munjal received Rs. 37.9 crore in 2013-14. In the US, Oracle Corp’s Larry Ellison was the top-paid among blue-chip American firms with a pay package of $78.4 million (over Rs. 470 crore).