Infosys, India's second largest IT company, has seen an increase in the number of millionaire employees in FY 2019-20. The company's 2019-20 millionaire club consisted of 74 employees, compared to 64 millionaires in the company a year ago. This information has been revealed in the report of Times of India. Infosys has 74 Vice President and Senior Vice President level officers in its list of millionaires. The salary package of Infosys CEO Salil Parekh has increased about 39% in 2019-20 and has reached Rs 34.27 crore. Parekh's salary was Rs 24.67 crore in 2018-19. According to the annual report of Infosys, its number of millionaires has increased due to the company employees getting stock incentives.
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According to the media report, the pay package to the big executives of Infosys includes fix pay, variable pay, benefit on retirement and stock options. The salary package of the staff of leadership level in Infosys is same and no promotion has been received at this level in the year 2019.
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Last year, the board of Infosys gave momentum to the plan to give shares worth crores of rupees to its employees. The employees will be given shares under the new incentive program on the basis of performance. The Stock Honorship Program came into force after the approval of the shareholders. According to the plan of 2015, Infosys used to give shares on time basis, but now it will be given on the basis of performance. The salary of Infosys employees has increased by 10% last year, after which it has increased to Rs 6.8 lakh. Last year it was Rs 6.2 lakh. The average wage increase of employees in India has been 7.3%.
