Apple Inc. is issuing smaller raises to its retail employees this year, marking a deceleration from atypically large pay hikes during the pandemic, according to people familiar with the matter.
(Bloomberg) — Apple Inc. is issuing smaller raises to its retail employees this year, marking a deceleration from atypically large pay hikes during the pandemic, according to people familiar with the matter.
The company is disclosing average annual raises this week of about 4%, a return to the levels from 2020 and earlier, said the people, who asked not to be identified because the information is private. The latest range was typically between 2% and 5%, they said.
The increases also apply to AppleCare technical support employees, who got raises in the same range. That too represented a slowdown from pandemic gains. The pay increases accompany employee reviews, which just began and run into early October.
An Apple spokeswoman declined to comment on the raises.
Apple raised pay more aggressively last year, when many parts of the world faced rising inflation. Employees saw increases of roughly 8% to 10% annually. The company also boosted its minimum hourly compensation to $22 from $20. At the time, Apple was also facing labor shortages and a budding unionization effort. In a rare move, it also provided raises earlier than usual last year.
The pressure has eased since then. Inflation and wage growth have cooled in the US, and labor organizing campaigns haven’t gained much traction in 2023. Out of Apple’s roughly 270 US locations, just two — in Maryland and Oklahoma — have voted to unionize.
In the US, most Apple salespeople are now getting paid $22 to $30 an hour, while AppleCare roles can bring in slightly more. The Cupertino, California-based company also issues restricted stock units annually to both categories of employee. In most cases, those packages topped out at around $2,000 this year. The iPhone maker issued bonuses for some workers as well.
(Updates with company declining to comment in the fourth paragraph.)
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