Wipro Chairman Rishad Premji takes 50 percent compensation cut

Wipro Chairman Rishad Premji will receive a total compensation of nearly $1 million ($951,353) for financial year ended March 2023, which is almost 50 percent less than that of his remuneration in the last fiscal ($1,819,022). This is as per Form 20-F filed with U.S. Securities and Exchange Commission by Wipro.

This reduction in compensation of Rishad Premji is witnessed for the first time since the pandemic when he had taken a cut of 31 percent. For the year 2019-20, he was compensated a total $0.68 million against $0.98 million in the previous year. Besides the compensation, Rishad Premji is entitled to a commission at the rate of 0.35% on incremental consolidated net profits. However, in light of the fact that the incremental consolidated net profit for fiscal year 2023 was negative, the company determined that no commission was payable for fiscal year 2023.

Not only Rishad Premji, Wipro’s Chief Financial Officer Jatin Pravinchandra Dalal too has seen a reduction in his compensation both in dollar and rupee terms. For the year 2022-23, he has been compensated a total $1.1 million (Rs 8.9 crore) against $1.6 million (Rs 12.1 crore) in the previous year, a cut of almost 32 percent.