The department of company affairs (DCA) has fixed the cut-off limit for disclosure of pay packages of employees by companies in their annual reports at Rs 24 lakh per annum. At present, companies are required to disclose such details for employees receiving annual remuneration of Rs 12 lakh or more.
The disclosure would include among other things, the annual remuneration, name, designation, age, qualification, years of experience, date of commencement and last employment.
Top government officials told Business Standard, since DCA has recently doubled the ceilings on annual managerial remuneration paid by companies by amending Schedule XIII of the Companies Act, 1956, it has now been decided to extend the relaxation to the employee-related disclosures in the annual reports under Section 217 (2A) of the Companies Act, 1956.
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