Huge package: CFO will get more salary than chairman in LIC, salary will be 75 lakh to 1 crore annually

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Life Insurance Corporation of India (LIC), the country’s largest insurance company, will give more salary to the CFO than the chairman. The CFO will get a salary between Rs 75 lakh to Rs 1 crore annually. Whereas the chairman gets a salary of Rs 35 lakh annually.

Recently applications were invited for the post of CFO

LIC had recently invited applications for the post of CFO. The last date for submission of applications was October 12. The CFO will be given a salary between Rs 75 lakh to Rs 1 crore annually. That is, Chairman MR. This is two times more than that of Kumar. The chairman’s salary in LIC is currently Rs 35 lakh per annum.

Procedure to appoint CFO before IPO

LIC is in the process of appointing a CFO before the IPO. Recently released an advertisement. In this, he said that the application for the post of CFO was invited till October 12. The appointment of CFO will be for three years or till he attains the age of 63 years. In fact, till now the chairman in LIC is the only person inside the company. While the CFO is being brought in from outside. This appointment is on contract basis. Similarly, the country’s largest bank State Bank of India (SBI) also pays more salary to the CFO than its chairman.

Annual salary of Rs. 75 lakhs to SBI CFO

The advertisement was called for the appointment of SBI CFO in June 2020. It was said to give an annual salary of Rs 75 lakh. It was Cost to the Company (CTC). Apart from this, there were other facilities as well. At that time, Chairman Rajnish Kumar was getting a salary of Rs 29.53 lakh annually. However, the current chairman Dinesh Khara gets a salary of Rs 38 lakh annually.

Appointment on contract basis for 3 years

SBI had made this appointment on a contract basis of 3 years. It can also be renewed for two years. By the way, the salary of MD & CEO in government companies is only 30-40 lakh rupees annually. Even Reserve Bank Governor Shaktikanta Das’s salary is Rs 35 lakh annually. It is a different matter that these people get huge facilities. Along with this, a lifetime pension is also available. The MD & CEO of Bank of Baroda, the country’s third largest bank, gets a salary of Rs 35.39 lakh annually.

Pension is not available in private sector

In private banks or companies, the salary may be high, but there is no pension there. For example, the MD & CEO of HDFC Bank gets an annual salary of Rs 4.71 crore. The salary of MD & CEO of private banks is 14-15 times more than that of public sector banks.

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