Salary of Rs 51 Crore in FY24! L&T Chairman SN Subrahmanyan earned 534.57 times the average salary of his peers

Larsen & Toubro (L&T) Chairman SN Subrahmanyan has come under fire after his 90-hour week suspension. After the controversy, it was revealed that his big salary for the financial year 2023-24 totaled Rs 51 crore. This figure, reported by The New Indian Express last year, is 534.57 times the average salary of L&T employees, which was Rs 9.55 lakh.

As per the report, Subramanian’s remuneration package included a basic salary of Rs 3.6 crore, Rs 1.67 crore in requisites, and commission of Rs 35.28 crore. In addition, he received retirement benefits amounting to Rs 10.5 crore, culminating in a huge total.

The report stated that Subramanian’s salary saw a significant increase of 43.11% compared to the previous year, raising questions about the company’s pay structure and work culture.

90 hours of work per week

The Chairman of the Board of Directors’ statements during the latter’s interaction with employees sparked violent reactions, especially his suggestion that employees should work 90 hours a week. In a video that went viral on social media, Subramanian expressed his frustration at not being able to get employees to work on Sundays, saying, “If I could get you to work on Sundays, I would be happier, because I work on Sundays.” He also wondered what employees are doing during their time at home, which means they have to work more.

His comments sparked widespread criticism, with prominent figures such as actress Deepika Padukone and billionaire Harsh Goenka expressing their disapproval. Many social media users echoed this sentiment, highlighting the disparity between Subramanian’s earnings and the average employee’s salary.

His statements earned him comparison with Narayana Murthy. Not only this, users also mentioned that the L&T CEO would never say anything like this regarding employees working in geographies other than India.

“And here I think L&T is a good company and everyone seems to be following Narayana Murthy’s footsteps,” one user commented. Another user said: “I was there in that building yesterday. ***He wants us to work 90 hours a week. Next Narayan Murthy!!!”

“It is very unfortunate that we have such leaders in the business. I think we should call them ‘leaders in the diaper business’. I had a few close friends who worked at L&T Madras. About 10 years ago. Looking at what they said about… Work culture, felt like it was like a kindergarten for adults (sic),” a third user commented.

In response to the hype, an L&T spokesperson said: “At L&T, nation building is at the core of our mission. The Chairman’s remarks reflect this larger ambition, emphasizing that extraordinary results require extraordinary effort. The company reiterated its commitment to fostering a culture driven by passion and purpose. And performance.