Amazon raises minimum hourly pay by $1 to $20 for US operations workers

Amazon, the e-commerce and cloud giant, announced on Wednesday that it is increasing the minimum hourly wage for its eligible full-time U.S. operations workers by $1 to $20. This change comes alongside the introduction of a new benefit called "Day 1 Financial," which provides qualified employees and their families with lifetime access to low-cost banking services through First Tech Federal Credit Union.

The company has consistently offered competitive benefits, including healthcare coverage starting at $5 per week, a complimentary Prime membership, and prepaid education programs. With the new raise, the average total compensation for Amazon employees is expected to exceed $32 per hour, incorporating the value of these benefits.

In comparison, Walmart's U.S. workers start at a minimum hourly wage of $14, while Target offers $15. Costco recently made headlines by raising its minimum wage for entry-level workers to $20 an hour, as stated in its annual report.