Published: Wed, October 03, 2018
Markets | By Jeffery Armstrong

Amazon To Pay $15 An Hour To All U.S. Employees

Amazon To Pay $15 An Hour To All U.S. Employees

Critics of the company's compensation practices have included Sen.

Amazon's market capitalization now stands near $1 trillion; it paid Bezos, its founder and CEO, $1.68 million past year. Amazon now employs around 575,000 workers around the world.

The pay increase also extends to London and the UK. That's the fastest annual gain since the Great Recession ended almost a decade ago. Workers have been protesting against fast food chains like McDonald's Corp. and demanding wage increases since 2012.

California: California had one of the highest state minimum wages in 2008, and it still does today.

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Bezos responded with a tweet of his own, and said he also hoped that other companies would raise their wages as well. Walmart is now the largest private employer in the nation, with a workforce topping 1.5 million employees.

At the same time, Storch said, the wage increase will widen the gap between the healthy retailers, such as Amazon, Walmart and Target, and the struggling ones, which won't be able to afford to compete on salary.

Vermont: In 2008, Vermont workers earned a minimum of $7.68 an hour.

USA department store chain Target announced in September it would raise wages to $15 an hour by 2020. With Tuesday's move, Amazon has done that already.

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Lawmakers and unions have been calling for change at big USA corporations, with Democratic Senator Bernie Sanders proposing legislation nicknamed the "Bezos Bill" aimed at making them pay workers more. That comes to $13.68 an hour.

In two decades the company expanded far beyond its bookseller beginnings, combining its world-spanning retail operation with less flashy but very profitable advertising and cloud computing businesses. It became the second publicly-traded company to be worth more than $1 trillion in September.

But corporate profits in the USA are booming, and that wealth isn't being spread out almost fast enough for many. It also applies to workers at subsidiaries such as Whole Foods. Amazon shares fell close to 0.5% in the premarket before retracing losses to trade up 0.2% on Tuesday afternoon.

The move by Amazon follows recent pressure from campaigners over Amazon's pay policies.

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Amazon on Tuesday announced plans to raise the company's minimum wage in the United States to $15. That sum, however, includes warehouse jobs, seasonal and temporary gigs. By doing so, Amazon fully recognizes that some personnel may jump ship and take their new skills with them but continues to run the program to support its employees and fill open positions.

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