Many top executives of Flipkart will have to go without a pay hike for the second year in a row in 2024, three people aware of the matter said, as the online marketplace drives to cut costs and raise efficiency.
Chief executive officer (CEO) Kalyan Krishnamurthy told staff last week that the company has not taken any decision; however, the senior management has been informally told not to expect pay hikes, the people cited above said on condition of anonymity.
"They are mulling no hikes for the top brass," said one of the three people cited above.
Flipkart has around 22,000 employees in all, and a big chunk of its salary payout goes out to senior management executives, who are designated director, senior director, vice-president and senior vice-president.
"The senior management has a large amount of stock options and that is the attractive component of the salary, which is expected to work out after a public listing. There are discussions that the top brass will skip the hikes this year," the second person added.
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