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techkenyot.com June 26, 2019


World's top billionaire urges rivals to up wages

14 April 2019, 08:58 | Hattie Nash

World's top billionaire urges rivals to up wages

So I build a rocket and then this other guy comes along and builds a rocket. Then I launch satellites and he launches satellites too. Can you believe that

In his annual shareholder letter, Amazon chief executive officer Jeff Bezos baited his rivals - who were not named - to match a minimum wage hike to US$15 an hour.

"Today I challenge our top retail competitors (you know who you are!) to match our employee benefits and our $15 minimum wage", he said.

"We will work hard to make good bets said Bezos but not all good bets will ultimately pay out".

The online retailer raised its minimum wage to $15 per hour for US employees from November, giving in to critics of poor pay and working conditions at the company.

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Late previous year, Amazon jumped ahead of many rivals by raising its minimum wage for USA workers to $15 an hour.

The challenge comes after Amazon disclosed Bezos's total 2018 compenstation was $1,681,840, 58 times the median compensation of employees other than himself of $28,836.

More than 16,000 employees have taken part in Amazon's Career Choice program, which can see the company pay up to 95% of tuition and fees for qualifying degree and certificate programs. It covered 250,000 Amazon employees and 100,000 seasonal workers.

In his new letter to Amazon (AMZN) shareholders, founder and CEO Jeff Bezos talks about how consumer feedback didn't lead to the development of Amazon's popular Echo device. As for Amazon's competitors, Wal-Mart Stores Inc. has a minimum wage of $11 per hour and Target Stores Inc. pays $12, soon to be increased to $13.

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And it appears that Amazon, well-known for giving low priority to the short-term growth interests of Wall Street, will continue taking big risks if it sees a potential pay-off in the long run.

"As a company grows, everything needs to scale, including the size of your failed experiments".

Inc. churned out profits last year that exceeded $10 billion, more than tripling net income from the previous year. He mentioned educational programs available to workers and paid for by Amazon as well as the Amazon Future Engineer program with which the company hopes to get more people working in STEM fields.

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