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Amazon is giving a hefty boost to the maximum base pay of its corporate and tech workers, more than doubling the salary cap from $160,000 to $350,000 as part of a plan to increase its competitiveness in the tight labor market.
Close-up of sign with logo on facade of the regional headquarters of ecommerce company Amazon in the Silicon Valley town of Sunnyvale, California, October 28, 2018. (Photo by Smith Collection/Gado/Getty Images) (Smith Collection/Gado/Getty Images / Getty Images)
Ticker Security Last Change Change % AMZN AMAZON.COM INC. 3,228.27 +69.56 +2.20% SOME AMAZON PRIME MEMBERS COULD PAY MORE THAN $139 IN LATEST PRICE HIKE
In an internal blog post obtained by FOX Business, the e-commerce behemoth announced the move to employees, noting that the company would be hiking pay "for most jobs globally" and that the increases are "much more considerable" than in the past.
"This past year has seen a particularly competitive labor market, and in doing a thorough analysis of various options, weighing the economics of our business and the need to remain competitive for attracting and retaining top talent, we decided to make meaningfully bigger increases to our compensation levels than we do in a typical year," the post reads.
An employee wearing a protective mask scans a package at an Amazon.com Inc. fulfillment center in Kegworth, U.K., on Monday, Oct. 12, 2020. (Photographer: Chris Ratcliffe/Bloomberg via Getty Images) (Chris Ratcliffe/Bloomberg via Getty Images / Getty Images) AMAZON WORKERS AT ANOTHER STATEN ISLAND WAREHOUSE PETITION FOR UNION ELECTION
According to GeekWire, which first reported on the memo, the base salary increase will "bring Amazon's base pay more in line with other big tech companies, including Google, Facebook, Apple and Microsoft."
Amazon's move for corporate employees is the latest in a series of efforts to draw in and keep workers since CEO Andy Jassy took over last July.
The exterior of The Spheres are seen at the Amazon.com Inc. headquarters on May 20, 2021, in Seattle, Washington. (Photo by David Ryder/Getty Images) ____ Andy Jassy, CEO Amazon Web Services, speaks at the WSJD Live conference in Laguna Beach, Califo (Photo by David Ryder/Getty Images | REUTERS/Mike Blake / Reuters Photos) GET FOX BUSINESS ON THE GO BY CLICKING HERE
In September, the company announced that it would offer free college tuition for more than 750,000 hourly employees, and in November, Amazon launched a tool allowing military spouses employed by the company to transfer positions at the company when they move on military orders.
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