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Amazon has been praised for raising the minimum wage of its hourly employees to $ 15 yesterday, but the widely publicized move is also done at the expense of monthly bonuses and stock options. . The company explained its decision to switch to a new share purchase program in the announcement announcement posted yesterday, citing the fact that hourly employees favored the "predictability and immediacy of cash at RSUs" or units. restricted stock, but this article does not mention the loss. monthly incentives, which Bloomberg reported earlier today.
Several Amazon warehouse employees have criticized the move, saying they would actually lose thousands of dollars in incentive bonuses. Currently, warehouse employees receive two Amazon shares ($ 1952.76 per share on the date of writing) and one additional share option each year. Once the amendments come into effect, the PSU program will be phased out for shares acquired in 2020 and 2021. It will be replaced by a direct stock purchase plan by the end of this year. end of next year.
An Amazon warehouse employee said The edge by email, the news has been devastating for employees, many of whom depend on RSU and VCP incentives (variable pay, performance-based monthly bonus program) adding to hourly pay. VCP's incentives, which depend on good attendance and achievement of productivity goals, could yield to Amazon workers a monthly premium of 8% and a 16% premium during the periods peak of November and December.
Amazon workers responded to The tweet of Senator Bernie Sanders praising the increase in the minimum wage, citing that on November 1, many workers will see their pay reduced, not increased.
Want more people to know it or to be able to draw more attention to it. Several family members working at Amazon lost a lot yesterday. They already cost $ 15 or more (most are on their premises), but they have lost all their incentive and action programs. They are going to make $ 3-6k less a year now.
– splitwig (@The_splitwig) October 3, 2018
Many Amazon warehouse workers criticize the wage increase as an advertising and political step, and it must be seen if the removal of the interest premium is really in the interest of the workers. However, the company insists that the changes are for the benefit of the employees.
"The significant increase in cash hourly wages more than compensates for the gradual removal of the incentive bonus and RSUs," said Amazon spokesman in an e-mail to the 39; address CNBC. "We can confirm that this announcement will result in an increase in total compensation for all Operations and Customer Service employees every hour. In addition, as it is no longer based on incentives, compensation will be more immediate and predictable. "
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