A multitude of companies across the globe find it hard to deal with employees getting missing-in-action on a frequent basis by taking sick leaves. All employees, after working for a certain period, are entitled for at least five days’ sick leave. And if an employee doesn’t want to avail them, as is the culture in most Indian companies, they can carry over their sick leaves. Recently, AM Naik retired as the non-executive group Chairman of engineering and construction giant Larsen and Toubro (L&T) but what he earned by not using his sick leaves over a career span of 50 years will surely amaze you.
On Republic Day 2019, Anil Manibhai Naik received one of the highest national civilian honours – the Padma Vibhushan by the government of India. Apart from numerous awards from state governments, industry, academia, media and society, he has also been awarded the Padma Bhushan in 2009.
Now, as per L&T’s annual report for 2017-18, Naik earned a whopping Rs 21.33 crore last year for his unused leaves in his career. He has been working for the company for the last 50 years.
The company revealed that Naik’s annual payout was over Rs 137 crore which included a basic salary of Rs 2.7 crore. His retirement gratuity benefits and exercise of stock options were worth Rs 100 crore.
Naik had a successful career with L&T. He joined the company as a mechanical engineer and was promoted to General Manager at L&T in 1986. In 1999, he was then promoted to CEO and MD. In 2003, he was given the post of chairman.
He has also served as the chairman of the prestigious Indian Institute of Management in Ahmedabad.
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