Written by Brenda Nakalema

Apple Raises Pay for Workers Amid Talent Crunch

Apple (ticker: AAPL) plans to increase its pay for workers as it attempts to cope with rising inflation, unionization efforts …

Apple (ticker: AAPL) plans to increase its pay for workers as it attempts to cope with rising inflation, unionization efforts among employees and labour shortages, according to an internal email sent to staff.

The company plans to increase the hourly pay for U.S. retail workers to $22 an hour or more, a 45% increase from 2018’s wages.

“Supporting and retaining the best team members globally enables us to deliver the best, most innovative products and services for our customers,” Apple said in a statement. “This year, as part of our annual performance review process, we’re increasing our overall compensation budget.”

Apple’s plans follow Microsoft’s (ticker: MSFT) announcement that it would nearly double its worldwide budget for staff and also boost stock-based compensation as it seeks to remain competitive with big-tech rivals, including Amazon (ticker: AMZN) and Meta Platforms (ticker: FB).