Finance

Apple: World’s most valuable tech company is raising employees’ wages amid high inflation


iPhone maker, Apple Inc will raise starting pay for its U.S. employees, the company said on Wednesday, amid a tight labour market, a surge in unionization efforts and rising inflation.

The world’s most valuable tech company disclosed in a statement to Reuters that starting pay for its U.S. team members will rise to $22 per hour or higher based on market conditions, a 45% increase from 2018 levels.

“We’re increasing our overall compensation budget as part of our annual performance review process this year,” a company spokesperson said.

According to the Wall Street Journal, which first reported the changes in compensation, Apple informed some employees that their annual reviews would be advanced by three months and the new pay would take effect in early July.

A request for further information on the compensation changes was not immediately responded to by Apple.

Apple’s headquarters are in Cupertino, California, and it is known for its reticent culture, but last year some current and former employees began criticizing the company’s working conditions online.

Apple’s Atlanta store workers filed a union election petition in April, seeking to become the company’s first U.S. store to unionize amid a wave of labour activity at other major firms.

Microsoft and Google are among the other tech companies that have revised performance reviews or adjusted pay this year to retain workers.



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