Downturn: Premji takes pay cut

New York: As the global economic downturn takes toll on pay packets, Indian IT major Wipro's chief Azim Premji seems to be leading by example as he has taken a cut of about 10% in his annual compensation. The total remuneration paid to Premji dipped by $32,414 (about Rs 14 lakh) in the fiscal year 2008-09 to $2,96,142 (about Rs 1.37 crore). India's third largest IT exporter, listed on NYSE, had paid a total remuneration of $3,28,556 to its chairman previous fiscal.
    However, the company has paid higher remuneration to many of its other executive directors and senior management personnel in 2008-09, according to its annual report filing with the US market regulator SEC. The compensation paid to the non-executive directors also increased.
    For its non-employee directors, Wipro said, the attendance fee was raised to Rs 20,000 per meeting with effect from August 1, 2008, from Rs 10,000 previously. Besides, the company paid a total of Rs 1.46 crore as commission to them in 2008-09, up from about Rs 86 lakh.
    The pay package for executive directors like Suresh Senapaty, Pratik Kumar, Suresh Vaswani and Girish S Paranjpe also rose in 2008-09. Another Indian IT firm Infosys' top brass, including its directors and senior-most management personnel, also got a collective hike of over Rs 10 crore in their pay packets during last fiscal. The collective remuneration of all board members and top management personnel rose by over Rs 10 crore to Rs 29 crore in the fiscal 2008-08, as per auditors' report consolidated financial statements of the company.
    A number of companies in the country, particularly from the IT space, have either cut down or frozen the salaries of their employees, as their bottom lines and revenue have been hit hard by the global economic downturn. AGENCIES

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