Amazon raised its minimum wage to $20 an hour for qualifying full-time workers across its U.S. operations network, up from a previous $19 hourly floor. The increase lifts annual base pay for a 40-hour week to $41,600 from $39,520, an extra $2,080 a year, or roughly 5.3%. Amazon is also adding access to lower-cost banking services and says average compensation, including benefits, will exceed $32 an hour for eligible core-operations employees. The company did not disclose how many employees will receive the higher floor, leaving the total expense impossible to calculate with confidence. Amazon shares slipped approximately 0.5% to $247.20, about 0.55% below the $248.57 GF Value. Amazon reported $200.6 billion in second-quarter revenue and $27.5 billion in operating income.
Amazon.com IncAmazon raised its U.S. minimum wage to $20/hour, lifting labor costs with the total expense not disclosed, and shares slipped about 0.5%.
