Last week most newspapers flashed Ajay Banga taking over as new Chief of operations for Mastercard. Indian reporters, editors found it to be a front page item and also highlighted his pay package. Which amounts to aroung Rs. 10 crore (100 million) per year with 70 crore signing bonus and a severance package of around 20 crore. Mr. Banga comes with a strong pedigree. His elder brother is also in the apex body that manages Unilever. No doubt Mr. Banga is earning every penny of his salary on his own merit. Congratulations! he deserves it.
However, should we not be more discreet about this achievement? India is still a very poor country. Even at this time, people go hungry, children are malnoursihed and we are not able to give basic right of education, drinking water and healthcare to our population, let alone wealth. Under this scenario, is it fair to highlight someones pay package with so much relish. Is it not obscene in todays environment?
Critics may say individual is entitled to earn whatever they deserve. We also should not mix up governmental and societal failure to elevate general public socioeconomically, with salaries of top MNC assets like Mr. Banga and others.
This also brings to the more broad issue. How much money do we really need to live comfortably with all the gadgets / comforts / priveleges that are there in the world on offer?
I am not a communisht or socialist. I do not want curb on individuals growth in corporate, government or private spehere. But I would urge moderation. I would also urge let paypackages remain in private domain, do not splash it in public life. We would probably do a disservice to highly competent individuals like Mr. Banga this way. This takes away attention from their ability into their salary.