ICICI Bank CEO Chanda Kochhar's total remuneration went up 64 percent to Rs 7.85 crore in 2016-17 against Rs 4.80 crore the previous year, owing majorly to a 15 percent increase in basic salary and Rs 2.20 crore performance bonus.
The country's largest private sector lender in its annual report 2016-17 showed Kochhar received Rs 2.67 crore as basic salary as compared to Rs 2.32 crore in the previous year.
The increase in the CEO's salary in 2016-17 has been because in the previous year the top management refused to take any performance bonus because of the bank's poor performance.
Owing to the 15 percent increase in salary in 2016-17, automatically the contribution to provident fund and gratuity fund also increased by the same percentage.
Interestingly, Kochhar decided not to contribute to the superannuation fund in 2016-17, which was at Rs 34.79 lakh in 2015-16, and will now be taxable income.
Thus, her allowances and perquisites income for 2016-17 increased by 47 percent to Rs 2.44 crore from Rs 1.66 crore in the previous year, the annual report showed.
Along with Kochhar, the managing directors of the bank also received an increase of 15 percent in their basic salary for 2016-17 along with the performance bonus, that was missing in the previous year.