Being in an automobile company, what I could dream of under the present market scenario was a maximum of 15% hike! On 1st August 2008, I was given the appraisal letter and as expected, the hike was in the range of 13%. Though it was in the expected line, I started searching to find out the percentage hikes given by the fellow corporate and automobile OEMs in particular.
During this search, I came across the following snippet from one of the news sites, rediff.com.
“Consumers may be reeling under an inflation of close to 13 per cent, but it should not be a cause for concern for India's second richest person Anil Ambani, whose pay package has grown by close to six times over past fiscal… From about Rs 2.4 crore (Rs 24 million) in the year ended March 2007, Ambani's full-year pay surged to Rs 13.4 crore (Rs 134 million) in the latest fiscal from the four listed group companies… In comparison, his elder brother Mukesh Ambani -- possibly the highest-paid business chief in India with an annual package of over Rs 44 crore (Rs 440 million) -- got a hike of just about 45 per cent over the past fiscal.”
I found this very interesting and also felt concerned! After all, I hold shares of both the Reliance groups.