Around 35 senior partners at Deloitte India are reportedly set to retire early as part of a major organisational overhaul
What Happened: The move is part of a “golden handshake” program offered by Deloitte India to a segment of its senior leadership team across various practices, including audit, consulting, financial advisory, risk advisory and tax, Moneycontrol reported, citing sources. The initiative aims to replace current leadership with younger professionals.
Deloitte, headquartered in the UK and currently one of the world’s largest big four professional services firms by revenue, is extending the “golden handshake” to partners aged 55 and above. While the total number of partners above 55 is not immediately known, the standard retirement age at the firm is 62.
Deloitte told the publication that the senior executives had chosen early retirement “to pursue their passions and other interests” as many have in the past.
Retirement Pacakge: The firm will also offer around two years' annual compensation as severance pay to the executives, an anonymous source said. So far, 35 partners have reportedly accepted the package. Deloitte India currently has over 450 partners, with each partner drawing a base salary ranging from ₹3 crore to ₹10 crore per annum.
This move will likely allow Deloitte to hire younger partners, another source added.
Young Blood: This development aligns with the broader trend of big four firms in India transforming into specialized consulting and advisory providers. Deloitte, in particular, aims to have around 30% of its workforce operating from India within the next four years, contributing significantly to the firm's global growth plan.
Romal Shetty, appointed as the CEO of Deloitte’s South Asia practice and in his late 40s, is one of the youngest CEOs appointed by the firm in India to date.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.