Amazon boosts minimum wage to $15 an hour for all employees

Amazon.com Inc. AMZN, +0.07% said Tuesday it is raising its minimum wage to $15 an hour for all U.S. employees, effective Nov. 1, including full-time, part-time, temporary and seasonal workers. The e-commerce and cloud services giant said the new wage will benefit more than 250,000 employees, out of its 575,000 workforce, as well as 100,000 seasonal employees hired for the holiday season. "We listened to our critics, thought hard about what we wanted to do, and decided we want to lead," said Chief Executive Jeff Bezos. "We’re excited about this change and encourage our competitors and other large employers to join us." The stock slipped 0.4% in premarket trade, along with the 0.3% decline in S&P 500 futures ESZ8, -0.29% Year to date, Amazon shares have run up 71% and the S&P 500 SPX, +0.36% has gained 9.4%.

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