Find out how much hike did ICICI’s Chanda Kochhar and other top executives receive

ICICI managing director Chanda Kochhar and other top management received a 15 per cent hike on their basic salary for financial year ended March 2016.

Kochhar’s salary is now at Rs 2.31crore compared to Rs 2.01crore in the year ended March 2015. She earned total salary including bonus, allowances, provident and gratuity funds of Rs 4.76 crore for fiscal 2016 down 18% from the Rs 5.83 crore earned for fiscal 2015.

Also, this time the top management did not take bonuses for the year.

"I would like to mention that we have decided that the senior management would not receive performance bonus for FY2016. Performance bonus would however be paid to employees in the grades of deputy general manager and below," said Kochhar in the conference call with analysts.

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ICICI saw its sharpest year-on-year drop in 15 years as the net profit plunged 76 per cent in the quarter ended March 2016.
Meanwhile, executive directors NS Kannan, K Ramkumar and Rajiv Sabharwal also received around 15% hike in their basic salaries.

Kannan and Ramkumar earned basic salary of an identical Rs 1.53 crore in fiscal year 2016, up from Rs 1.33 crore in the fiscal year ended 2015.

Based on this Kochhar received Rs 2.28 crore in fiscal 2016 up from Rs 1.34 crore in the fiscal 2015, while Kannan and Ramkumar received Rs 1.53 crore up from Rs 90.09 lakh in 2015. Sabharwal received Rs 1.34 crore up from Rs 84.47 lakh in 2015.

(Image: BCCL)