Amazon Raises Minimum Wage to $20 for US Operations Workers
The company also introduced a new financial benefit for employees and their families.
Amazon is increasing the minimum hourly wage for eligible full-time US operations workers to $20, the company announced on Wednesday. This marks a $1 increase from the previous minimum wage.
In addition to the pay raise, Amazon unveiled a new benefit called “Day 1 Financial.” This program will offer qualified employees and their families access to low-cost banking services through a partnership with First Tech Federal Credit Union.
With the new minimum wage and the value of its benefits package, Amazon stated that the average total compensation for its hourly employees will now exceed $32 per hour. The company already provides benefits such as healthcare coverage starting at $5 per week, a complimentary Prime membership, and prepaid educational programs.
This wage adjustment places Amazon’s minimum hourly pay competitively with other major retailers. Walmart’s US workers start at $14 per hour, and Target offers a $15 minimum hourly wage. Last year, Costco raised its minimum wage for entry-level employees to $20 per hour.