Mumbai, May 25: Rishad Premji has taken a voluntary cut in his compensation for the fiscal year 2023. The new information surfaced in a recent filing made to the Securities and Exchange Commission in the US.

The executive chairman of Wipro made USD 951,353 in total annual compensation for the financial year that ended in March 2023. This is 50 per cent less than his previous year's earnings. IDC Report Reveals 30.1% YoY Decline in Indian PC Market During First Quarter of 2023 As Demand Decreases.

Mr Premji has previously taken a cut of 31 per cent during the pandemic. For the year 2019-20, he was paid USD $0.68 million (down from USD 0.98 million in the previous year). This year Wipro Chairman Rishad Premji will be giving up USD 1,819,022.

This reduction in compensation comes after the incremental consolidated net profit for the fiscal year 2023 was revealed to be negative. Even Wipro’s Chief Financial Officer, Jatin Pravinchandra Dalal too, has seen a reduction in his compensation. He will be getting 32% less money than the year before. Instead of USD 1.6 million, he will be compensated a total of USD 1.1 million. Fresh Layoffs Coming: US Telecom Carrier Verizon Issues Layoff Warning to Over 6,000 Employees in Customer Service Operation.

Additionally, the company will not pay any commission for fiscal year 2023. Rishad Premji is entitled to a commission at the rate of 0.35% on incremental consolidated net profits.

(The above story first appeared on LatestLY on May 25, 2023 01:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).