BERNIE'S LESSON: Amazon Cuts Bonuses, Stock Options After Minimum Wage Hike

BERNIE'S LESSON: Amazon Cuts Bonuses, Stock Options After Minimum Wage Hike

- Amazon made a big splash this week with its $15 an hour minimum wage announcement, but lost in the fine print: Existing warehouse workers will no longer receive stock in the company or collect bonuses.

Currently, warehouse workers in the US, are eligible for monthly bonuses that could total hundreds of dollars per month as well as stock awards, said two people familiar with Amazon's pay policies.

But an Amazon spokesperson confirmed to FOX Business on Wednesday that the company is phasing out restricted stock units, or RSUs, as a form of compensation for customer-service and warehouse employees, at a time when Amazon shares are approaching $2,000.

Amazon announced on Tuesday (October 2) that they will be raising the minimum wage for their USA full-time, part-time, seasonal and temporary employees to $15 starting on November 1. There are now 250,000 people that work for Amazon with plans to hire another 100,000 for the upcoming holiday season. "Amazon can afford to make all workers whole and should do that". Bernie Sanders launched his full-fledged campaign against the one of the nation's largest companies; unveiling new legislation that would impose a stiff tax for government benefits received by full-time employees.

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The wage increase garnered applause from Sanders who said, "I want to give credit where credit is due".

Many Amazon workers responded to Sanders' tweet mentioning that the pay increase will actually come with more cuts than a raise.

"Our understanding is that the vast majority of Amazon workers are going to see wage increases, including some very significant increases as the minimum wage goes up to $15 an hour", Sanders said in a statement to FOX Business.

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