Senior executives across India Inc may get 6 per cent salary hike in 2021, according to the Aon Executive Rewards Survey.
The study collated data across 504 companies from more than 20 industries.
The median compensation, excluding long-term incentives (LTI), for owner-promoter CEOs is Rs 15 crore, Rs 12.92 crore for a Sensex CEO, and Rs 3.63 crore for CEOs at private compapnies. The sum of variable pay and LTI as a percentage of total compensation is 52 per cent of CEOs in India compared to 87 per cent for CEOs in the U.S.
Nitin Sethi, partner and CEO of Aon's performance and rewards business in India, said, "At 5.2 per cent, the 2020-21 actual salary increase for senior executives was down by 2.9 per cent from 2019-2020. The COVID-19 pandemic had less of an impact than the 2008-2009 Global Financial Crisis, when actual salary increases for senior executives dropped by 6.2 per cent.
Variable pay for senior executives is most impacted by the COVID-19, with pay-outs for executives who had a "Meets Expectations" performance rating projected to drop from 95 per cent in 2019-2020 to 85 per cent in 2020-2021.
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