Amid rising inflation, Apple decided to raise the starting pay for its US employees higher based on the market – to $22 per hour. This means a 45% jump from 2018 levels, according to Wall Street Journal.
An Apple spokesman stated “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.”
With this, the company hopes to hold its existing workforce, and workers are set to welcome their annual review and raise this summer, that’s three months ahead of the standard process. The normal review process overlaps with the end of Apple’s fiscal year in the fall and the company’s increased compensation budget would be in addition to pay increases already acquired within the past year.
Microsoft Corp. will also almost double its global budget for merit-based salary raises this month.