NEW DELHI (INDIA): Cement major Ultratech’s Chairman and Non-Executive Director Kumar Mangalam Birla received an annual remuneration of Rs 22.50 crore in FY2016-17 in contrast to just Rs 3.3 lakh he earned from his group’s telecom arm Idea Cellular.
Birla’s remuneration from Ultratech last fiscal saw an increase of 18.2 per cent from the previous financial year, according to the company’s annual report for 2016-17.
During the financial year, there was an increase of 8.6 per cent in the median remuneration of employees at Rs 5.80 lakh.
The ratio of Birla’s remuneration to the median remuneration of employees was at 387.90, it added.
This is contrast with ABNL group’s telecom arm Idea Cellular, where Birla is the Chairman. He was paid Rs 3.3 lakh only as remuneration in FY 2016-17 as sitting fee for the meetings of the company attended by him.
The ratio of his remuneration in Idea Cellular to the median remuneration of employees was 0.42.
Idea had increased the median remuneration of its employees in the financial year 2016-17 by 8 per cent to Rs 7.8 lakh over previous fiscal.
While in Ultratech, “the median remuneration of employees of the company during the financial year was Rs 5.80 lakh”, the company informed.
Ultratech has 14,240 permanent employees on its rolls as on March 31, 2017.
“Average percentage increase made in the salaries of employees other than the managerial personnel was 6.9 per cent whereas the increase in the managerial remuneration for the same financial year was 2 per cent,” it added.
Idea Cellular had 11,784 permanent employees on its rolls as on March 31, 2017.
Source: Press Trust of India