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World's top billionaire urges rivals to up wages

World's top billionaire urges rivals to up wages

USA

Amazon CEO Jeff Bezos has challenged his rivals to increase minimum wages.

In his annual letter to shareholders, the world’s top billionaire called on other retailers to match his company’s wages or even do better.

‘’ Today I challenge our top retail competitors ( you know who you are) to match our employee benefits and our $15 minimum wage. Do it! Better yet, go to $16 and throw the gauntlet back at us’‘, he said.

Match our employee benefits and our $15 minimum wage. Do it! Better yet, go to $16.

The online retailer hiked its minimum wage in the U.S last November and shippers competed to hire workers for the holiday shopping season amid unemployment at a nearly 20 year low.

In his letter, Bezos said the wage hike has benefited over 250,000 Amazon staff and over 100,000 seasonal workers.

By contrast, Bezos’ total compensation last year was $1.7million. That’s 58 times the median pay at Amazon.

Reuters

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