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May 26, 2022, 7:04 a.m. EDT

Apple hikes pay for workers amid labor crunch, inflation

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Tim Higgins

Apple Inc. is boosting pay for workers amid rising inflation, a tight labor market and unionization pushes among hourly store employees.

The iPhone maker on Wednesday told employees in an email that the company is increasing its overall compensation budget. Starting pay for hourly workers in the U.S. will rise to $22 an hour, or higher based upon the market, a 45% increase from 2018. Starting salaries in the U.S. are also expected to increase.

“Supporting and retaining the best team members in the world enables us to deliver the best, most innovative, products and services for our customers,” an Apple /zigman2/quotes/202934861/composite AAPL +1.62% spokesman said in a statement. “This year as part of our annual performance review process, we’re increasing our overall compensation budget.”

Apple’s plans are just the latest by companies fighting to keep talent. Microsoft Corp. /zigman2/quotes/207732364/composite MSFT +1.07%  told workers this month that the company  would almost double its global budget for merit-based salary raises .

In recent months, Apple has been facing unusual labor unrest. That discontent has spanned from front-line store retail workers  agitating for unionization  to salaried engineers  unhappy with the company’s plans to return to the office .

An expanded version of this report appears on WSJ.com.

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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 138.93
+2.21 +1.62%
Volume: 71.05M
July 1, 2022 4:00p
P/E Ratio
22.58
Dividend Yield
0.66%
Market Cap
$2248.61 billion
Rev. per Employee
$2.51M
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/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 259.58
+2.75 +1.07%
Volume: 22.84M
July 1, 2022 4:00p
P/E Ratio
27.08
Dividend Yield
0.96%
Market Cap
$1941.41 billion
Rev. per Employee
$1.06M
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