Amazon Inc. invested more than $1.5 billion in higher pay for its employees undertaking its core operations in the US, as per a blogpost on the company's official website on Wednesday. The company has raised its minimum starting pay to $20 an hour. Its average total compensation is now over $32 per hour.
Average pay will be close to $24 an hour, as per the post, written by Senior Vice President of Amazon, Udit Mandan.
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The firm will also have an annual step plan where pay will increase for the first three years an employee joins up with the company. It will also be providing personell with memberships to 'Day 1 Financial', which it described as a 'First Tech Federal Credit Union' that provides employees and their families that it deems "qualified" with banking services they can keep for life.
Employees can retain these benefits even after they leave the company, as per the blog post. It extends to their spouses and children.
These benefits include $0 overdraft fees, $0 monthly maintenance fees, and no account minimums on standard checking and savings accounts. Along with employees now habing no credit history required to open a checking and savings account.
Members will further have access to thousands of surcharge-free ATMs nationwide, and up to $300 each year in out-of-network ATM fee reimbursement.
Other features include mobile and online banking, direct deposit, and credit-building programs designed to create emergency savings and increase financial stability. It also provides acess to competitive credit cards, auto loans, and home loans for those who choose and qualify to use them.
Employees based in the US will also avail discounts on groceries from Amazon from Oct. 1, 2026 onwards. This discount includes an uncapped 10% off on eligible grocery and everyday essentials when shopping from Amazon.com and Whole Foods Market online.
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The company's workforce also has an uncapped 20% off (applicable in-store) at Whole Foods Marke which includes the hot bar and salad bar.
The discount applies to purchases made through the employee's Amazon account and can be combined with existing Prime member discounts.
(This is a developing story.)
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