Amazon to cut bonuses, stock benefits as it raises wages
NEW YORK (AP) – Amazon made a big splash this week with its $15 an hour minimum wage announcement, but lost in the fine print: Existing warehouse workers will no longer receive stock in the company or collect bonuses.
The online giant says next month it will end bonuses, which paid workers extra based on their attendance and warehouse productivity, as it boosts its minimum wage.
Amazon will also phase out its restricted stock unit program, which gave shares to workers if they stayed at Amazon for a certain amount of years. Amazon says it will replace it with a program next year that will allow workers to buy stock but didn’t provide details.
Amazon.com Inc. says “compensation will be more immediate and predictable” with the changes.
By JOSEPH PISANI, AP Retail Writer