Amazon raises its minimum wage in US to $15/hour
San Francisco, Oct 2 : Amazon.com on Tuesday said it was raising the minimum wage for all its US employees to $15 an hour, starting from November 1.
The move comes after the company faced criticism about the pay and benefits for its warehouse workers.
The new minimum wage will cover more than 2,50,000 current employees and 1,00,000 seasonal holiday employees.
The tech giant said it will also start lobbying for an increase in the federal minimum wage, currently at $7.25 an hour, Efe news reported.
"We listened to our critics, thought hard about what we wanted to do, and decided we want to lead," Jeff Bezos, Chief Executive, Amazon, said in a statement.
"We're excited about this change and encourage our competitors and other large employers to join us."
Amazon's sheer size and market dominance -- it recently became the second US company to notch a market value of $1 trillion -- has made it a favoured corporate target of politicians on the left and right.
The company has been criticised over the way it treats its workers and how much it pays in taxes, as well as its impact on the broader economy and traditional retailers.
Senator Bernie Sanders recently introduced a bill aimed at taxing big companies whose employees rely on federal benefits to make ends meet.
He specifically targeted Bezos by contrasting his vast personal wealth with the compensation of the company's lowest-paid workers.
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Gold, silver soar as US-Iran deal hopes lift bullion demand
New Delhi (PTI): Gold prices rebounded by Rs 2,900 to Rs 1.55 lakh per 10 grams in the national capital on Wednesday, while silver climbed to Rs 2.54 lakh per kilogram as easing geopolitical tensions triggered a pullback in oil rates, boosting demand for precious metals.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity jumped by Rs 2,900, or nearly 2 per cent, to Rs 1,55,400 per 10 grams (inclusive of all taxes) from Tuesday's closing level of Rs 1,52,500 per 10 grams.
Traders attributed the surge in bullion prices to reports that Washington and Tehran are close to finalising a framework agreement to end months of conflict, raising the prospects of smoother flows through the Strait of Hormuz and easing inflation concerns tied to energy markets.
"Gold rallied strongly on Wednesday as easing geopolitical tensions triggered a sharp reversal in key macro drivers that had recently pressured precious metals," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Silver prices also advanced for the third straight session by rising Rs 3,500, or 1.4 per cent, to Rs 2,54,500 per kg (inclusive of all taxes). The metal had settled at Rs 2,51,000 per kg in the previous session, as per the Association.
"The prospect of a diplomatic breakthrough triggered a steep decline in oil prices and the US dollar, easing concerns about inflation while boosting demand for precious metals," Gandhi said.
Globally, spot gold increased by USD 106.15, or 2.33 per cent, to USD 4,663.70 per ounce while silver gained USD 3.40, or 4.68 per cent, to USD 76.24 per ounce.
"Gold witnessed a sharp rally as markets reacted positively to reports that the US and Iran are moving closer to a one-page agreement framework aimed at ending the conflict," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Despite strong international gains, rupee strength limited the upside in domestic gold prices. The market is now highly focused on final confirmation and execution of the proposed deal, he added.
Any negative surprise or breakdown in negotiations could trigger a sharp sell-off in gold, while a successful agreement and sustained ceasefire could push the bullion prices higher in the near-term, Trivedi said.
