CEOs of Indian listed companies draw fat paychecks—and that only widens the salary gap

One of India’s top tech founders, NR Narayana Murthy, recently brought attention to the widening pay gap between top-level executives and workers at the lowest levels in Indian companies. Now, new research validates his concerns.

Data compiled by Indian economists Reetika Khera and Meghna Yadav show how salary packages of top-level executives at over 40 of India’s listed companies are substantially higher than the median pay at their companies. For instance, Pawan Munjal, chairman, managing director, and CEO of Hero MotoCorp, earns 752 times more than the median salary at his company.

On this parameter, the best pay ratio was 1:39 at carmaker Maruti Suzuki.

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