Amazon doubles base pay to $350,000 for corporate workers

Amazon is more than doubling its maximum base pay to $350,000 for some corporate and tech employees. The company cited increased competition for tech talent as the reason for the raises. According to an internal memo, the tight labor market has pushed Amazon to raise corporate employees' pay higher and faster than it normally would. The company said it is "increasing overall compensation ranges for most jobs globally, and the increases are much more considerable than we've done in the past."

"This past year has seen a particularly competitive labor market and in doing a thorough analysis of various options, weighing the economics of our business and the need to remain competitive for attracting and retaining top talent, we decided to make meaningfully bigger increases to our compensation levels than we do in a typical year", the memo said as reported by GeekWire.

The raise does not mean that all corporate employees will see an immediate pay hike. Rather, this move gives the company more flexibility to raise some workers' pay where workers feel increasingly empowered to go elsewhere. 

Source: CBS News