The Impact of COVID-19 on Indian Businesses: Unveiling the Pay Cut Strategy

 

 

Over the previous few years, Mukesh Ambani and Gautam Adani have both topped the list of the wealthiest Indians. However, if you look further back, you will find Azim Premji, Wipro’s former chairperson among the top two richest Indians. He has been holding this spot for more than 20 years. Premji was just 21 when he assumed control of Wipro. After being in service for 53 years, Premji has now handed the company to his son Rishad Premji.

Presently, Rishad Premji is the Executive Chairman of Wipro Limited. The company now employs approximately 250,000 employees across six continents. After pursuing a B.A. in economics from Wesleyan University, Rishad earned an MBA from Harvard Business School. Before joining Wipro in 2007, he held a number of positions. He even presided over NASSCOM during the fiscal year 2018–19. He resides in Bengaluru with his wife and two children.

A few months ago, Rishad Premji drastically reduced his wages, almost halving his annual income from the prior year. In the financial year 2022-23, the Wipro Chairman took a remuneration of less than 8 crores. According to sources, he purposefully opted for a pay-cut due to Wipro’s inadequate performance in the IT business. The company’s current net worth is Rs 90914 crore. Rishad even opted for a 31% pay-cut during the outbreak of the covid-19.