Corporate salaries: the steepest hikes, the sharpest cuts

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Bajaj family – 40% hike

Bajaj Auto, India's second-largest two wheeler company, has rewarded its top brass with a 40 per cent pay hike. Rahul Bajaj, the company's chairman, got remuneration of Rs 11 crore during the financial year 2011-12, against Rs 7.8 crore the previous fiscal.

Managing director Rajiv Bajaj received a 46 per cent jump which saw his package swell to Rs 10.16 crore against Rs 6.93 crore in the year-ago period, while Madhur Bajaj, the company's vice chairman, got a 43 per cent hike at Rs 8.3 crore.

However, the overall employee benefit expenses were cut to 2.7 per cent of the total revenue at Rs 540 crore in 2011-12, this compared to an expenditure of 2.9 per cent in 2010-11.