Pawan Goenka, the managing director of Mahindra Group, saw a hike in his salary by 65.22 percent to a staggering Rs 12.21 crore, over the last financial year. According to the company’s Annual Report for 2017-18, his salary included the perquisite value of ESOPs exercised and was reportedly higher than Anand Mahindra, the executive chairman who has a salary of Rs 8.03 crore.
Mahindra too saw in increase in his wealth, which grew by 4.69 percent. Without the perquisites, Goenka’s salary rests at Rs 8.7 crore and is still higher than Mahindra’s Rs 8.03 crore. The company reportedly said that the salaries of the executive chairman and the managing director is based on the individual performance of the person, inflation, and present industry trends and benchmarks.
The report mentioned that the median salary of the employees during the past year was Rs 7.83 lakh. The number of permanent employees at the company stood at 20,867 as of March 31, 2018. In the year 2017-18, reports claim that the company saw an increase of 10.59 percent of the median income of the employees.
Meanwhile, the group’s CFO and CIO VS Parthasarathy had received Rs 4.14 crore as his remuneration and it included the perquisite value of ESOPs.