Amazon Raises Base Salary Cap To $350,000

(RTTNews) - Tech giant Amazon (AMZN) has announced a sharp increase to the base salary for its US-based technology and corporate workers, as the pandemic has created a competitive labor market.

The e-commerce giant on Monday announced in an internal memo to employees that the company's maximum base pay for all white-collar workers has been increased to $350,000, nearly double from its previous max of $160,000.

Base pay is only a portion of employees' total compensation, and doesn't include restricted stock units and other cash benefits, such as sign-on bonuses.

"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," according to the memo.

According to the memo, Amazon is also "increasing overall compensation ranges for most jobs globally, and the increases are much more considerable than we've done in the past." Those changes apply to Amazon corporate and technology employees worldwide.