A recent job listing by Cognizant has sparked widespread outrage on social media. The ad, which offered a salary of Rs 2.52 lakh annually to fresh graduates, drew criticism from many. They compared the low salary to a higher-paying job at a momo shop, leading to a viral debate about the adequacy of the compensation offered to new entrants in the IT sector.
Disparity in Compensation
The backlash intensified as users calculated that the offered salary would result in a take-home pay of just Rs 18,000 to Rs 19,000 per month after deductions. Many critics argued that this amount is insufficient to cover basic living expenses in metropolitan areas, highlighting a significant gap between the rising cost of living and stagnant entry-level salaries.
Widespread Criticism
The job listing controversy has ignited a broader discussion about compensation structures within the IT industry. Critics have pointed out that despite the substantial revenue growth of multinational companies, entry-level salaries have not kept pace with inflation or increased living costs, raising concerns about fairness and equity in pay.
Highest-Paid Indian Executive Under Scrutiny
Ravi Kumar Singisetti, the CEO of Cognizant, is currently under scrutiny despite being the highest-paid Indian executive in the IT sector. With an annual compensation of $22.56 million (approximately Rs 186 crore), Ravi Kumar’s impressive salary contrasts sharply with the lower compensation offered to fresh graduates, fueling the ongoing debate about income disparity within the company.
CEO’s Compensation Breakdown
Ravi Kumar, who assumed the role of Cognizant CEO in January 2023, received a significant portion of his salary in shares valued at $20.25 million (about Rs 169.1 crore), issued on April 12, 2023. His total compensation represented just 0.11% of Cognizant’s $19.35 billion in sales for the fiscal year, further highlighting the disparity between executive pay and entry-level salaries.
