Bajaj Finance posted its annual report for the year ended March on Thursday.
What Happened: The company’s chairman Sanjiv Bajaj received a total salary of ₹4.30 crore. This is an around 437% increase from the ₹80 lakh salary he received in the year ended March 2023. His salary is around 60 times greater than the company’s median salary.
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The company in the reported added that “Sanjiv Bajaj, is being compensated by way of additional commission of ₹3 crore, for the time and commitment devoted by him during the year, at the request of the management.” The company added that this is the reason behind the significant variation in percentage change in the compensation.
The company’s managing director Rajeev Jain took home a salary of ₹16.63 crore. This is around 247 times greater than the media salary of the company.
Sanjiv Bajaj, the younger son of Rahul Bajaj, is also the chairman and managing director of Bajaj Finserv Limited. He completed his Bachelors in Mechanical Engineering from the University of Pune and his Masters in Manufacturing Systems Engineering from the University of Warwick, UK. He also did his Masters in Business Administration from Harvard Business School.
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