Amazon gives its workers a raise of $1 per hour
Amazon's investment in these raises comes out to over $1.5 billion, or about 0.06% of its $2.68 trillion market cap.
Amazon is increasing the minimum starting wage for its U.S. core operations staff, including delivery drivers and fulfillment center employees, to $20 per hour. This represents a $1 hourly raise for eligible workers. Senior Vice President Udit Madan announced the move in a blog post, noting that the higher pay, combined with Amazon's comprehensive benefits package, equates to more than $32 per hour in total compensation.
The company's investment in these wage increases totals over $1.5 billion, which amounts to roughly 0.06% of Amazon's $2.68 trillion market capitalization. In addition to the wage boost, Amazon will offer employees access to a cost-effective banking system, membership in First Tech Federal Credit Union, and a 20% discount on Whole Foods Market purchases.
Online grocery orders through Amazon will also enjoy a 10% discount. Some Amazon fulfillment center employees have expressed skepticism about the new benefits, with one Reddit user questioning the value of the Whole Foods discount given the store's reputation for higher prices.
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