According to a company memo, Amazon.com Inc AMZN.O plans to increase its U.S. employee base pay cap to $350,000 from its previous maximum of $160,000.
In addition to boosting pay for most jobs globally, the e-commerce giant announced increases that were “considerable” in comparison to the past, Nasdaq reported.
“This past year has seen a particularly competitive labor market,” the memo stated, adding that there was a “need to remain competitive for attracting and retaining top talent”.
To get newly promoted employees into the new pay range, Amazon will review their compensation at the time of promotion and give them in-year stock awards, if necessary, the memo stated.
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With a tight labor market in the United States, Amazon increased its average starting wage for operations staff to more than $18 an hour last year.
In mid-2021, Amazon raised the pay of 500,000 of its warehouse, fulfillment, and delivery employees by 50 cents to $3 an hour.
Additionally to an average starting salary of $18 per hour, which is more than double the federal minimum wage, Amazon offers an array of great benefits that support employees and their families, including domestic partners and children.
Starting on day one, employees receive comprehensive benefits, which include health insurance, parental leave, retirement planning, and other resources to improve their health.