Amazon.com Inc—the world’s largest online retailer— is all set to increase its base pay cap by more than double to $350,000, from its previous maximum salary of $160,000 for US staff.

 

“Amazon will boost its maximum base pay to $350,000 for corporate and tech employees, from $160,000 previously, as part of an overall increase in total compensation intended to help recruit top talent and retain existing employees,” according to Geekwire which cited a company memo. The memo to employees appeared on its internal corporate site on Monday (February 7).

 

Billionaire Jeff Bezos-controlled online retail titan will hike the overall remuneration range for most jobs globally. Further, the company mentioned that the raises were 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,” according to the memo.

 

Worth mentioning here is that base salary is a part of employees total compensation, without restricted stock units and other benefits such as sign-on bonuses.

 

In 2021, the e-commerce giant hiked its average starting pay for operations employees in America to more than $18 (around Rs 1,834) an hour, and it had planned to recruit another 125,000 warehouse and transportation workers.

 

Last week, Amazon logged the greatest ever one-day rise in value. The company’s stocks jumped 13.5 per cent on (February 4), expanding its market capitalisation by around $190 billion by the end of trading. Also, the e-commerce behemoth hiked the price of its annual US. Prime subscriptions by 17 per cent.

 

At present, Amazon is valued at about $1.6 trillion (around Rs 1,41,82060 crore).