Let go, Infy old guard Fair pay hike
With reference to “Infy founder, board rift erupts again” (April 3), it is indeed sad that the great N R Narayana Murthy — and his co-founders — just can’t let go. They have to forget his glorious past and let the chosen ones run the company in the manner they deem fit. They have no right to meddle in the working of the company once they have given up all executive positions. Whether the decision taken by the board, after following due process, is good or bad, Murthy and the other founders must control their emotions and stop airing their views to the media.
The situation is akin to fathering a child, seeing her grow up into a fine young person and then envying her success because she no longer seeks his advice on every single step. Nobody will ever forget the great job done by Murthy and his peers in founding Infosys, making it one of the finest in the world, putting India’s IT capabilities on the global map, adding to shareholder value in an unprecedented manner, and earning admiration from people around the world. Yet they shouldn’t forget that there is a time for everything. Silence on their part vis-à-vis the affairs of Infosys will in no way diminish the respect that they enjoy from a grateful nation. In fact, rising above the mundane will further boost their standing in society and India Inc. Do Murthy and his cofounders not realise that their actions are harming the company in a manner that may be difficult to redeem? Besides shareholders, they could also lose financially and socially. More importantly, the country will lose as such canards are bound to impact other Indian IT companies and hurt their credibility.
Krishan Kalra Gurgaon timely reminder to all corporate honchos who continue to hike their own salary disproportionately. No one is questioning performance-based rewards but it cannot be at the cost of many others whose contribution also needs to be measured while revising salaries. Quite often, those who are in the appraisal team do not have an honest and objective knowledge but care for salaries of their own and a coterie under the guise of “star” performers. Probably Murthy would leave a footprint in Indian corporate history as a founder, who has spoken on behalf of the employees whose trust in the board and management cannot be allowed to erode. If bosses continue to behave like the political class when it comes to salary and perks, the next generation would think twice before joining the private sector.
N Nagarajan Secunderabad With reference to “Urjit Patel gets big pay hike; basic jumps to ~2.5 lakh” (April 3), the fact that the Reserve Bank of India (RBI) governor’s salary slip has just become weightier should be a matter of great satisfaction and rejoicing for the community of bankers (serving and retired). There is no denying that the governor and his deputies deserved the handsome increase in pay. Though one is always skeptical of the deft ways of the bureaucracy and how it takes away with one hand what it gives with the other, one sincerely hopes that the reported hike is genuine. The governor is the country’s top banker, and what he receives as pay should set the tone for others in the banking system. One hopes this increase has a cascading effect. At this opportune moment, it may be only proper to bring to the notice of the RBI governor that the level of salaries and perks in the banking system has generally — by comparison to other professions — seen sharp erosion, with bankers seeking parity with civil services now.
The oldest pensioners’ plight can be seen from some unconfirmed report that the pension of some aged bank chairmen is less than that of the junior most staff retiring today. Secondly, norms of fixation of family pension are higher in the government, lower in the RBI and lowest in public sector banks. So much for gender equality! One can only hope that the deputies and governor of RBI shall reflect on the state of the remuneration system in banking, particularly bankers controlled by government ownership.
Y P Issar Karnal