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DCA doubles employee salary disclosure cut-off

Our Bureau

NEW DELHI, March 6

THE Department of Company Affairs (DCA) has doubled the cut-off limit for disclosures of employees' remunerations by companies in their annual reports from the existing Rs 12 lakh per annum to Rs 24 lakh per annum.

Following this amendment, the companies would be required to disclose, among other things, the annual remuneration, name, designation, age, qualification, years of experience, date of commencement and last employment of employees who earn Rs 24 lakh or more per annum.

The Government recently relaxed norms governing managerial remuneration payable by companies, which have either no profits or inadequate profits. The easing, however, came with a caveat. Companies which have defaulted in repayment of debts, including public deposits or debentures or interest thereon for a continuous period of 30 days in the preceding financial year, before the date of appointment of such managerial personnel will not be eligible to take advantage of these new norms.

Further, the "remuneration committee" has been defined as one, which consists of at least three non-executive independent directors, including nominee director or nominee directors, if any.

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