Apple Set to Boost Workers’ Pay Amid Tight Labour Market

• Apple will reportedly increase the salaries of its retail and corporate employees in the U.S. by 10% or more.

• The starting wage for the company’s new employees will also be increased from $20 an hour to $22.

• The company is hoping that this would prevent employees from being poached by rivals.

A tight labour market in the U.S. has seen employees struggle to contend with increased inflation and a high cost of living.

Following this new development, Apple had on Wednesday said that it will increase pay for its corporate and retail workers.

This is coming after Amazon, Google, and Microsoft had all earlier made changes to their payment structures, motivating Apple to follow suit to retain their best workers and attract more talent.

In a statement released by an Apple representative, he said:

 “Supporting and retaining the best team members in the world enables us to deliver the best, most innovative, products and services for our customers. This year as part of our annual performance review process, we’re increasing our overall compensation budget.”

Also, in another development, the iPhone maker will increase the starting wage for all its retail workers in the U S. from $20 an hour to $22.

The increase in retail workers’ wages is a result of the retail union drives across the country against Apple seeking higher wages.

The inflation rate hitting 8.3% in April, the highest rate in over 40 years, and unemployment sitting at a very low rate of about 3.6%, have forced workers especially those in the high-demand fields to seek better working remuneration.

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In addition to increasing workers’ wages, the tech giant has also increased its workers’ vacation, child-care perks, and sick leave for both full-time and part-time retail employees.

Apple remains a big force to contend with in a strong cash position as it has seen its sales grow by 34% in 2021 to over $297 billion in 2022.

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