Two top Tech Mahindra executives to take pay cut

Mumbai: Two top executives at Tech Mahindra -- an executive vice-president and a senior vice-president -- have indicated that they will accept a smaller pay cheque and take home a 10-20 per cent lesser remuneration than what they are presently earning, according to a report in The Times of India.

The report adds that the mentioned executives have written to chief executive officer C P Gurnani and chief people officer Rakesh Soni for their consideration. It cited a source privy to the knowledge as saying that top management of the information technology firm had hinted that they would back a salary cut if there was any action on it.

The company has also made it clear that it review the salary of these executives once the company starts performing well. "The pay cut comes on the heels of the firm deferring salary hikes to 500 executives at VP level and above, as also to those with over six years of experience," the report said.

Of late, the information technology sector has witnessed turbulence amidst reports of large-scale layoffs and suggestions of a pay cut for top executives who occupy the corner offices. India's IT industry has suffered a major blow in the aftermath of a 'protectionist' approach adopted by some regimes.

Besides, top bosses at country's major IT companies have come under pressure as the industry is passing through its worst phase. The TOI report further adds that IT major Infosys has put on hold its plans to hike salaries of senior executives. It has also reversed its earlier  decision to give a pay hike to level 7 and above employees.