It turns out that many Amazon employees will actually lose money due to the raising of the minimum wage announced by Jeff Bezos.
Amazon.com Inc.Â is eliminating monthly bonuses and stock awards for warehouse workers and other hourly employees after the company pledged this week to raise pay to at least $15 an hour.
Warehouse workers for the e-commerce giant in the U.S. were eligible in the past for monthly bonuses that could total hundreds of dollars per month as well as stock awards, said two people familiar with Amazonâ€™s pay policies. The company informed those employees Wednesday that itâ€™s eliminating both of those compensation categories to help pay for the raises, the people said.
People responded to a Sanders’ tweet praising the minimum wage increase exposing him.
Talked to Amazon workers yesterday and it turns out this is a scam. They are taking away certain benefits to offset the costs. In many cases, workers will be earning less. Please don’t buy this hype.
â€” Rebel Scum #42 (@lipstickham) October 3, 2018
Wish more people knew this or could get more attention on this. Have many family members who work at Amazon and they lost a lot yesterday. They were already @ $15 or above (most are at their facility), but lost all incentive and stock programs. They’ll make $3-6k less per yr now.
â€” splitwig (@The_splitwig) October 3, 2018
As I wrote two days ago Bernie Sanders was getting played by Jeff Bezos in a variety of ways.
You got that right Amazon is going to help Sanders on his push to get the minimum wage raised to $15 an hour. By doing this Amazon will force other big companies to pay the $15 dollar an hour wage and crush smaller businesses by putting them into near bankruptcy.
Bezos is taking a calculated risk with this move. He figures that he will take a profit hit now so that he can continue to corner more of the market and continue to make Amazon stronger. Luckily for him, the progressives are happy to help him by destroying his competition through regulation.
Now, I did not realize how strong this would be for Bezos in the short term as well. Not only will Bezos be able to control the profit damage but he will also have an easier time finding workers off the streets because of the high wages.
[getty src=”532206904″ width=”594″ height=”421″ tld=”com”]