Amazon made headlines this week when it announced that it was raising its minimum wage to $15. The company also gave long-time workers a $1 raise. But some employees say that doesn’t cover the cuts in other benefits.
The Change
The new pay and benefits plan goes into effect next month. At that time, employees will lose monthly bonuses and the chance to earn Amazon stock. Amazon stock prices are nearly $2,000 each. The company previously gave employees two shares after their first year working for the company, and one share every year after that.
Amazon said the increased wage will compensate employees for the lost bonuses. It also says that employees will have the option to buy Amazon stock next year. The company did not give any details as to how much the shares would cost employees.
Amazon did say that the change will benefit approximately 350,000 employees. That includes employees of its subsidiary, Whole Foods Market. The parent company operates 100 warehouses nationwide.
How the Change Affects Longtime Employees
Four veteran workers spoke anonymously for fear of losing their jobs.
