Bernie Sanders reacts to Amazon slashing stock, incentive bonuses for hourly workers

David Foster  Yahoo FinanceMore

"We listened to our critics, thought hard about what we wanted to do, and decided we want to lead", said Jeff Bezos, Amazon's chief executive, in a statement.

California, for example, reached a deal on legislation to raise the state minimum wage across all businesses to $15 per hour by 2023, a move that could cost the state hundreds of thousands of jobs, according to a report.

On Tuesday, Amazon announced plans to raise the company's minimum wage in the United States to $US15 per hour.

Amazon announced on Tuesday (October 2) that they will be raising the minimum wage for their USA full-time, part-time, seasonal and temporary employees to $15 starting on November 1. The employees, all of whom work in different warehouses around the country, said the $15 minimum wage was great for new workers, but the math didn't work out for those who have worked at Amazon's warehouses for a few years. Workers in different parts of the world went on strike during the company's Prime Day promotion over the summer. Sen.

Amazon confirmed warehouse workers would no longer get those stock options but would allow employees to buy shares at a discount.

On Tuesday, Amazon announced plans to raise minimum wage to $US15 per hour, following Costco raising its minimum wage to $US14 earlier this year.

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In the USA, the minimum wage at federal level is 7.25 dollars per hour, although local legislation in some states sets a higher level, for example in California where it is 10.50$ per hour, or in Florida 8.25$ per hour. Bernie Sanders' next minimum wage target.

Low-wage workers typically receive higher pay from an expanding economy only after higher-income people have benefited, economists note.

After Amazon announced its pay hike, Sanders praised the company and its founder.

"Our commitment to the communities we serve includes providing opportunities for restaurant employees to succeed at McDonald's and beyond with world-class training and education programs to help them build the skills needed for today's workforce", the company said in a statement. Once they start to raise pay in response to competitive forces, they typically lobby to push others to follow suit, to prevent other companies from undercutting them.

Amazon will raise its pay to $15 an hour for all U.S. employees effective November 1. The pay increases would apply to about 100,000 Amazon seasonal workers. This change will Benefit the 37,000 current and seasonal workers, according to data from the USA company.

"We've already seen just how much pressure there is — I think this is only going to increase it", said Judy Conti, director of government affairs at the National Employment Law Project.

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