Amazon Raises Minimum Wage to $15 Per Hour for US Workers

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Amazon

Amazon on Tuesday announced a new $15 minimum wage for all its US workers, effective November 1, 2018.  The wage hike comes as the company faced increased condemnation from politicians such as Bernie Sanders, over its pay and treatment of its blue-color workforce.

The online retail giant said the new wage will benefit more than 100,000 seasonal holiday workers and 250,000 full-time employees. Workers who already earn $15 an hour are also expected to enjoy a pay rise, but the company did not specify how much.

 “We listened to our critics, thought hard about what we wanted to do, and decided we want to lead. We’re excited about this change and encourage our competitors and other large employers to join us,” said Jeff Bezos Amazon Chief Executive.

Amazon also intends to seek congressional support for a raise in the federal minimum wage. The current rate of $7.25 an hour was set about 10 years ago.

Jay Carney, the Senior Vice President of Amazon Global Corporate Affairs stated, “We will be working to gain Congressional support for an increase in the federal minimum wage. The current rate of $7.25 was set nearly a decade ago. We intend to advocate for a minimum wage increase that will have a profound impact on the lives of tens of millions of people and families across this country.”

The Seattle-based company is the second-largest private employer in the US after Walmart, Inc. Its shares were down 0.3% before markets opened in New York. The stock has rallied nearly 70% since the beginning of the year.

Amazon.com Inc Company Profile

Amazon.com, Inc. engages in the provision of online retail shopping services. It operates through the following segments: North America, International, and Amazon Web Services (AWS). The North America segment includes retail sales of consumer products and subscriptions through North America-focused websites such as www.amazon.com and www.amazon.ca.

The International segment offers retail sales of consumer products and subscriptions through internationally-focused websites.

The Amazon Web Services segment involves in the global sales of compute, storage, database, and AWS service offerings for start-ups, enterprises, government agencies, and academic institutions. The company was founded by Jeffrey P. Bezos in July 1994 and is headquartered in Seattle, WA. – CNN Money

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