Amazon senior employees may get cashless pay rises this year
Senior Amazon employees may not get cash raises this year, their pay will include more stock awards.
Amazon (NASDAQ: AMZN) announced on Wednesday, March 27th, that its senior employees may not get cash raises this year, their pay will include more stock awards.
In a statement on behalf of Amazon, it was stated, "In this year's compensation cycle, we are prioritizing cash base salary increases for those employees whose compensation is more heavily weighted towards base pay rather than stock."
Due to the stock price surge experienced by these top employees last year, a significant portion of their compensation will be notably higher compared to the previous year.
The company's stock price surged by 81% in 2023, and as of the last close, it has risen over 18% this year.
However, despite achieving strong performance, Amazon initiated layoffs at the beginning of the year. Statistics reveal that to cut costs, the company let go of over 27,000 employees last year and reduced stock rewards.
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