Published: Sun, October 07, 2018
Money | By Ralph Mccoy

Amazon Cuts Monthly Incentives, Stock Awards After Salary Increase

Amazon Cuts Monthly Incentives, Stock Awards After Salary Increase

Now, after many discussions and pleas from both lawmakers and employees, Amazon founder and CEO Jeff Bezos announced this week that his company would raise the minimum wage for its employees to $15 per hour for both full and seasonal employees.

"Now that activists have succeeded, they can now take that demand to other employers", said Marshall Steinbaum, a fellow at the Roosevelt Institute. After the new changes, the restricted stock units (RSU) program will be phased out for stocks that become vested in 2020 and 2021, and will be replaced with a direct stock purchase plan by the end of 2019.

Amazon's current hourly wages vary. A nationwide minimum wage of $15 an hour would require all of the company's retail competitors to pay their store workers at least that amount.

Sanders said he talked to McDonald's employees who complained that their current pay makes getting by hard. "The ones who are loyal should be rewarded for loyalty, not smacked in the face".

Amazon was praised by some of its harsher critics for raising the minimum wage for its workers in the United States and United Kingdom on Tuesday.

Inc. says "compensation will be more immediate and predictable" with the changes.

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Despite the similar wages Flipkart and Amazon India pay their workers, Xpheno cofounder Kamal Karanth believes Amazon has emerged as the more attractive employer for blue-collar jobs due to the incentives and benefits it offers.

"They must have a different kind of calculator than us", said an employee at a Pennsylvania warehouse, who estimated she'll lose out on about $3,000 a year. Last year, it made over $5.1 billion in profits and rewarded wealthy shareholders with over $7.7 billion in dividends and stock buybacks. But she earned an extra $400 a month in October, November and December, during the busy holiday shopping season when Amazon doubles the bonuses to motivate workers to show up on time and churn out packages quicker. Workers said managers at the warehouse also didn't know how it would work. All hourly workers will get a bump in pay, even if they are already making $15 an hour. He said Amazon needs to communicate to workers better if overall compensation is higher "or you're going to have morale problems".

Additionally, workers will allegedly no longer be eligible for cash bonuses based on productivity.

"We will be working to gain Congressional support for an increase in the federal minimum wage".

"We can confirm that all hourly Operations and Customer Service employees will see an increase in their total compensation as a result of this announcement", the statement added.

Among the critics Amazon has faced over its pay and work conditions, Sen.

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