Wipro's Kurien to get up to Rs 10 cr annual pay

MUMBAI, INDIA: T.K. Kurien, the new chief executive officer of Wipro’s information technology business, will receive a minimum salary of Rs 3 crore a year, which can go up to Rs 10 crore.

The salary would include periodic increments, variable pay based on performance, leave travel allowance, commutation allowance, telephone, educational allowance, leased accommodation, house rent allowance, company-provided car and driver, furniture and equipment, provident fund, gratuity and other retirement benefit contributions, the IT giant said in a regulatory filing.

This apart, Kurien will also be eligible for perquisites and allowances like personal accident insurance and group life insurance, club fees (subject to a maximum of two clubs), medical reimbursement, annual health check-up, insurance cover and leave with full pay as per the company's policy.

Also, he will be entitled to severance benefits, which can be 12 months' salary, which will be calculated based on the salary last drawn.

Former joint CEOs got Rs 7 cr each as severance pay

Kurien took over as the CEO of Wipro from February 1 following the company's decision to end the joint CEO structure. This decision saw Girish Paranjpe and Suresh Vaswani, who were the joint CEOs at Wipro, being shown the exit door.

They were reportedly paid a severance package of Rs 7 crore each.