According to a company document, Amazon aims to more than quadruple its base pay cap for US employees to $350,000 (approximately Rs. 2.6 crore) from its previous maximum wage of $160,000 (about Rs. 1.19 crore).
The e-commerce behemoth will raise the total salary range for most occupations around the world, with the hikes being far more “substantial” than in the past, according to the business.
As per the message, “this past year has shown a particularly competitive labour market,” and there was a “need to remain competitive for attracting and maintaining top people.” Against by the background of a tight labour market in the United States, Amazon upped its average beginning compensation for operations personnel in the United States to more than $18 (approximately Rs. 1,340) an hour last year. As per the message, Amazon will examine newly promoted employees’ remuneration at the time of promotion and, if necessary, provide in-year stock awards to bring them within the new pay range.
Insider was the first to break the news. The other week, Amazon claimed the largest one-day increase in value in its history. Following its spectacular quarterly report on February 4, shares of the online retail and cloud computing giant jumped 13.5 percent, boosting its market capitalisation by nearly $190 billion (around Rs. 14,18,200 crore) by the close of trade.
According to Refinitiv statistics, this surpassed Apple’s record $181 billion (approximately Rs. 13,51,000 crore) one-day rise in stock market value on January 28 following the iPhone maker’s own spectacular quarterly report.
Amazon is now worth around $1.6 trillion (roughly Rs. 1,41,82060 crore). Meta Platforms’ stock fell 0.3 percent on Friday, putting its market capitalization at $660 billion (roughly Rs. 49,26,400 crore). Amazon’s stock soared after the company posted better-than-expected profits late Thursday and announced a 17 percent increase in the price of its yearly US Prime subscriptions.