Apple has decided to raise its minimum wage to $22 per hour or higher for hourly employees in the U.S., according to a paywalled report shared today by The Wall Street Journal. This is a 45% increase from 2018, something driven by “rising inflation, a tight labor market, and unionization pushes among hourly store employees.” Starting salaries for Apple employees in the States are also expected to increase. Other tech giants that are widening their wallets in order to keep talent include Microsoft, which plans to double its global merit-based salary budget, as confirmed by executive chairman and CEO Sayta Nadella.
“Supporting and retaining the best team members in the world enables us to deliver the best, most innovative, products and services for our customers,” an Apple spokesman said in a statement. “This year as part of our annual performance review process, we’re increasing our overall compensation budget.”
Some workers, including those hourly employees in its stores and AppleCare, were told their annual reviews would be moved up three months and that their pay increases would take effect in early July, according to a memo reviewed by The Wall Street Journal. The normal review process coincides with the end of Apple’s fiscal year in the fall.
Those workers were told the company’s increased compensation budget would be in addition to pay increases and special awards already received within the past year.
Source: The Wall Street Journal (Alternate Link)