Wipro's Rishad Premji takes 50% pay cut in FY23

Wipro's executive chairman Rishad Premji has taken a voluntary cut of 50% in his compensation for this year. In a filing to the US securities and exchange commission, Wipro said that Premji made $951,353 in total annual compensation in FY23. This is 50% less than his previous year compensation, when his earnings was $1,819,022.

Premji's compensation comprised $861,620 as salary and allowances, $74,343 in long-term compensation benefits. $15,390 comes under other incomes. For the fiscal year 2023, no stock options were granted to him. His compensation also includes a cash bonus which is a part of his fixed salary.

Based on the incremental consolidated net profits, Rishad Premji is entitled to 0.35% of the net profit as commission. However, as the profit was negative this year, he wasn't paid the commission. Earlier, Premji took a pay cut of 31% in FY20.

Rishad Premji became Wipro's Chairman in 2019 after working as the chief strategy officer in the company. His current five-year term as its executive chairman will conclude on July 30, 2024.