ITC Ltd has reported a notable rise in the number of employees earning over Rs 1 crore annually. According to the company’s annual report, there was a 24.11% increase in high-earning employees in FY24 compared to the previous year. A total of 350 employees were in this top salary bracket in the financial year 2023-24, up from 282 in 2022-23.
This increase reflects ITC’s expanding operations and profitability. The company spent Rs 6,134.35 crore on employee benefits in FY24, which includes Rs 5,352.94 crore in salaries and wages. This marks a 6.9% increase from the previous year when the company spent Rs 5,736.22 crore on employee benefits.
A report by The Telegraph attributes this trend to ITC’s expanding portfolio, which has led to increased hiring. Over the past two to three years, ITC has opened eight new factories and two hotels across India, boosting its workforce.
ITC’s profitability has also seen substantial growth, with a 24.5% increase in profit to Rs 18,753.31 crore in FY23. This growth has resulted in higher employee remuneration. As of March 31, 2024, ITC employed 24,567 permanent employees. The median remuneration of employees increased by 5%, while the average remuneration rose by 10% in FY24. Excluding key managerial personnel (KMP), the average remuneration increased by 9%.
The median salary for male employees, excluding KMPs and board members, was Rs 7,14,281, while female employees earned a median salary of Rs 7,03,725. ITC has a diverse presence across various sectors, including tobacco, packaged foods, paper and paperboards, hospitality, agri commodities, and health and personal care (FMCG).
