IRDAI readies to loosen its purse for top executives

IRDAI is now scouting for talent by competing with the corporates in remuneration for top executives.

The insurance regulator has notified the posts of Chief Technology Officer, Chief Communication Officer, Chief People Officer, and Chief Risk Officer for lateral recruitment. The annual package for these posts to be filled on a contractual basis carries an annual package of Rs. 70 lakh and may go up further.

“The gross emoluments would be around Rs. 70 lakhs per annum. Higher compensation could be considered for suitable candidates based on qualification and experience,” the notification said. The upper age limit is 55 years.

This pay package, comparable to the private sector, is higher than even that of the chairman of IRDAI. According to the Finance Ministry, the chairman is entitled to a consolidated pay and allowance of Rs. 4.5 lakh per month without the facility of a house and a car. IRDAI’s whole-time members draw a consolidated pay and allowance of Rs. 48 lakh per annum. No upper cap on pay beyond Rs. 70 lakh has been fixed in the current lateral recruitment, and it could go even up to Rs. 1 crore, according to sources.