Amazon invests $1 billion in raising wages and reducing healthcare expenses for American employees
Amazon, the global e-commerce giant, has unveiled a series of major investments aimed at improving the lives of its U.S. employees. The announcements, made by CEO Andy Jassy, include wage increases, expanded benefits, and various new programmes.
Starting next year, the cost of co-pays for Amazon's healthcare plan will be reduced to just $5 per week. This reduction is part of the company's commitment to making healthcare more accessible and affordable for its employees.
In addition to the healthcare plan changes, Amazon is expanding its coverage to include dental and vision benefits for all eligible employees, effective from 2023. This move is expected to provide comprehensive health news to Amazon's workforce and their families.
The average pay for Amazon workers is set to increase, with full-time employees, on average, receiving a yearly pay increase of $1,600. Some of the company's most tenured employees will see an hourly increase between $1.10 and $1.90.
Amazon is also investing over $1 billion to increase wages for U.S. fulfillment and transportation workers. This investment is expected to boost wages for many Amazon employees, providing them with a more secure financial future.
In an effort to support the professional growth of its employees, Amazon is introducing two new programmes: Career Choice and Ramp Back. Career Choice will provide tuition assistance for employees to pursue career training in high-demand fields, offering up to $12,000 per year for tuition and fees for eligible employees. Ramp Back, on the other hand, allows employees to transition back to work at a reduced schedule after a leave of absence.
Amazon is also enhancing its 401(k) matching programme, offering a match of up to 50 cents for every dollar invested, up to a maximum of $1,500 per quarter. This move is designed to help employees save for retirement more effectively.
In terms of leave policies, Amazon is offering a new Leave Share programme, which allows employees to donate their paid leave to colleagues who are caring for a family member with a serious health condition. The company is also introducing a new parental leave policy, providing up to 20 weeks of paid leave for all parents.
Recognising the importance of mental health, Amazon is offering a new mental health benefit for employees, providing up to 20 sessions of tele-mental health care per year. The company is also expanding its paid time off policy, offering up to 20 days of paid time off per year for full-time employees.
These investments and initiatives demonstrate Amazon's commitment to its employees and its vision for a more supportive and inclusive workplace. By investing in its workforce, Amazon aims to foster a culture of growth, well-being, and success.
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