Market News

Amazon (NASDAQ: AMZN) Invests $10 Billion to Expand Pay and Benefits For Employees

Amazon (NASDAQ: AMZN) announced on Wednesday that it was hiking the pay for its U.S. front-line employees. The tech giant also rolled out a new benefit that would allow employees to collect their pay at any point during the month.

Starting from October, the company upped the average starting pay for front-line employees in customer fulfillment and transportation to more than $19 per hour from $18 per hour earlier. Amazon also stated that it was making additional investments in career development programs for its frontline employees as it remained committed to upskilling 300,000 employees by 2025.

This brings the company’s total investment in benefits offered to its employees to around $10 billion this year.

Is Amazon a Buy Hold or Sell?

Amazon remains a Strong Buy for analysts based on 37 Buys and one Hold as they continue to remain bullish about the stock.

AMZN stock has an average price target of $176.79 with an upside potential of 49.8% at current levels.

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