The warehouse workers now get two shares of Amazon stock when they get hired, valued at US$1,952.76 per share, and an additional stock option each year. Workers said managers at the warehouse also didn't know how it would work. "It's going to compel other businesses to raise wages as well".
"We will be working to gain Congressional support for an increase in the federal minimum wage".
Accordingly, retailers, who employ a sizable share of the nation's lower-paid workers, have been stepping up pay increases.
Instead, Amazon will offer a direct stock purchase plan, which usually allows an investor to purchase stock without a broker.
Among the critics Amazon has faced over its pay and work conditions, Sen. "Jeff Bezos has become the richest man in the world off the backs of people so desperate for work that we tolerate the abuse". Another major offender is Walmart, whose employees routinely qualify for food stamps and whose own store managers have had canned food drives to ensure they have enough to eat at the holidays. "You say you can't afford this, but your competitor obviously can". Best Buy's share price dropped almost 5 percent; Kohl's Stores fell 3.9 percent. A higher minimum wage might not even affect Amazon that much in the long run.
It remains to be seen whether Amazon's decision to do this generous act by raising the minimum wage will satisfy its critics, but surely this move is a step in the right direction for the company's workforce, which would undoubtedly be jealous of it all employees worldwide. Once they start to raise pay in response to competitive forces, they typically lobby to push others to follow suit, to prevent other companies from undercutting them.
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The "Fight for 15" has been an ongoing battle in the U.S., with advocates for a fair, living wage working tirelessly for a almost 100% increase in the current non-server minimum wage (due to the expectation of tips, restaurants only have to pay wait staff a little more than $2 per hour). The measure will benefit the more tan 25,000 employees of the company.
Experts have projected retail rivals, like Target and Walmart, which now pay minimum wage rates of $11, to increase wages faster than planned. That's equal to roughly 16 percent of the 623,800 retail jobs that the economy added in October and November previous year.
"I want to give credit where credit is due", Sanders said.
"The significant increase in hourly cash wages more than compensates for the phase out of incentive pay and RSUs [restricted stock units]", a spokesperson said. Any small businesses that compete with larger companies by providing better service rather than by matching every price cut should also manage fine, she said.
While the EPI acknowledges that real firms could "respond to higher minimum wages in ways that cause divergent effects", it says "what is not in dispute" is that "rising minimum wage has depressed employment opportunities in the most heavily impacted industries".
McDonald's is not a poor company.
"Why shouldn't we get it too?" she said, referring to Amazon's raise.