Published: Tue, October 02, 2018
Markets | By Noel Gibbs

Amazon to raise minimum wage to $15 for US employees

Amazon to raise minimum wage to $15 for US employees

Amazon announced Tuesday it would raise its minimum wage to $15 an hour for all its employees, a move that comes after the company faced harsh criticism for paying its workers too little.

The new minimum wage will take effect November 1 and apply to all full-time, part-time, seasonal and temporary employees, including those hired by agencies.

The e-commerce behemoth has been hit by lawsuits in recent years alleging that it has used contract employees to skirt regulations and cut costs in the US and overseas.

Bezos is the world's richest man by a large margin-he is worth around $165 billion, according to the Bloomberg Billionaires Index-but previous year Amazon's median pay was just $28,446, which works out to around $14 an hour. "We're excited about this change and encourage our competitors and other large employers to join us".

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At the new pay rate, an Amazon employee who makes minimum wage would need to work more than 3 weeks (133 hours) to buy one share of the company's stock, which now sits above $2,000.

The company also said it would press for a change to the U.S. minimum wage level.

Amazon, which became the second company after Apple to cross $1 trillion in market value last month, paid its US employees on average $34,123 past year.

The retail giant has faced criticism for not paying its workers enough, especially in light of Bezos' huge wealth: he's now considered the richest person in the world with a net worth of about $165 billion. It appears that the company is also eliminating incentive and productivity targets, and will increase the pay of those who were already making $15 an hour.

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That could be good news for numerous Internet giant's workers across North Carolina. Employees at Whole Foods, which Amazon now owns, will get the same pay hike. The retail giant, run by the world's richest man, was criticized earlier this year after revealing its workers' median pay was $28,446.

Amazon made the announcement on a company blog this morning.

"If Amazon is so proud of the way it treats its workers, it should make public the number of people it hires through temporary staffing agencies like Integrity Staffing Solutions and make public the hourly rate and benefits those workers earn", Sanders said in a statement in late August.

The company, which bought Whole Foods Market in a $13.7 billion deal a year ago, opened a general store in New York City in September after launching a few small grocery shops known as Amazon Go in Seattle and Chicago. "The current rate of $7.25 was set almost a decade ago", said Jay Carney, senior vice president of global corporate affairs for the company.

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