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The Finance Base
The Money Desk · Blog
Re:

JSW Steel CEO’s Pay Was 1,052 Times Median Employee Remuneration in FY 2018–19

JSW Steel’s FY 2018–19 annual report put Chairman and Managing Director Sajjan Jindal’s remuneration at ₹70.30 crore—1,052 times median employee remuneration. The company reported a 581:1 ratio the following year.
From TheFinanceBase Team2 min to read
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The 1,052-to-1 pay ratio refers to JSW Steel Limited’s FY 2018–19 disclosure: the company reported ₹70.30 crore in remuneration for Chairman and Managing Director Sajjan Jindal, equal to 1,052 times median employee remuneration. The filing does not say “average staff” or compare his pay with the lowest-paid worker.

What the 1,052-to-1 figure measures

JSW Steel Limited’s Integrated Report for 2018–19 names Sajjan Jindal as Chairman and Managing Director and reports his remuneration as ₹70.30 crore. It gives the ratio of his remuneration to median employee remuneration as 1,052:1. JSW Steel Integrated Report 2018–19

The distinction in the denominator matters. A median is the midpoint in a set of employee remuneration figures: half are below it and half above it. It is not the arithmetic average, and it does not identify what the lowest-paid employee received. The headline phrase “average staff” is therefore less precise than the company’s disclosure.

How the figure changed the following year

The company’s FY 2019–20 annual report records a remuneration ratio of 581:1. Scroll reported the same figure in its September 2020 coverage. JSW Steel Integrated Report 2019–20 · Scroll’s September 26, 2020 report

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Financial year Reported executive remuneration Ratio to median employee remuneration Basis
2018–19 ₹70.30 crore for Sajjan Jindal 1,052:1 JSW Steel statutory annual-report disclosure
2019–20 Not stated here; the cited annual-report ratio is 581:1 581:1 JSW Steel statutory annual-report disclosure; also reported by Scroll

The figures are historical and should not be read as current pay levels. JSW Steel also reported 12,599 permanent employees as of March 31, 2019, and an 8.37% increase in median employee remuneration in FY 2018–19. These are company disclosures for that reporting period, not measures of pay across all workers at every related business or site.

What the news report adds—and what it does not establish

Scroll described the ratio as part of a pay-gap report compiled by Reetika Khera, an associate professor of economics at IIT Delhi, and Meghna Yadav, a Delhi School of Economics graduate. The original economists’ report and its full methodology are not available in the cited material, so the 1,052:1 figure is best treated as a reported ratio corroborated by JSW Steel’s own annual-report disclosure—not as evidence for broader conclusions about the full distribution of wages or the causes of the pay gap.

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For a meaningful year-to-year comparison, check that both figures use the same company, executive remuneration measure, median employee denominator, and reporting basis. The two ratios above are from JSW Steel’s annual-report disclosures for their respective financial years.

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