Crorepati club in United Spirits, ITC & HUL rises by over a quarter in FY23

economictimes.indiatimes.com:

Mumbai: The number of managers taking home ₹1 crore or more in annual salaries in three category-leading consumer companies — Hindustan Unilever, ITC, and United Spirits — increased by a quarter to almost 500 people in 2022-23. As per their latest disclosures in annual reports, the country's top FMCG company HUL and largest cigarette maker ITC have led the pack in the addition of managers drawing the dream package. At ITC, the number of crorepati employees jumped by 36% year on year to 257 in FY23 from 189 in the previous year.

In HUL, 205 managers took home more than ₹1 crore in annual salary in FY23, up 25% from 163 in FY22. In the country's largest alcobev firm United Spirit, 34 managers were in the ₹1-crore-plus bracket last fiscal. These companies have also passed on a double-digit hike to their top leadership last year.

For instance, in ITC, the package of key management personnel went up by 28% last fiscal, which it attributed to the impact of revision in remuneration and payment of long-term incentives during the year. In contrast, average remuneration of all employees increased by 6%. At USL, the key managerial average remuneration went up by 43% in FY23.

The change in the average remuneration of employees other than the key managerial personnel was 6.9%. The maker of McDowell's whisky and Johnnie Walker Scotch attributed the increase in the average remuneration of key managerial personnel to annual salary increase, earnings from exercised long-term incentives (stock) and pay-out of performance-based pay. For HUL, the percentage increase in the median remuneration of employees in FY23 was 10.7% while the average increase made in the salaries of employees other than the managerial personnel was 8%.