Azim Premji ,the chairman of Wipro took this time 63 per cent less compensation to his home, in the financial year 2016-17 (FY17). As India’s third-largest software exporter company saw this time a slowdown in profits due to changes in the business environment and technology. He didn't received the compensation too.
The compensation does not include long-term benefits, such as provident fund and pension.
Premji, who owns 73.25 per cent stake in Wipro, is the only executive who earns a commission on profits and all other executives receive variable pay under a quarterly performance-linked scheme based on key parameters of individual or combined performance of the business unit, division or segment or the company.
Rishad Premji, Azim Premji’s son and chief strategy officer at Wipro, saw his salary drop by nearly a quarter to $233,479 (around Rs 1.54 crore), as against $3,03,198 (around Rs 2 crore) in FY16. Chief Executive Abidali Neemuchwala, who was elevated to the top job in February 2016, saw his compensation increase by 5.3 per cent to $2.08 million (around Rs 13.7 crore) as against $1.97 million the previous year.