Starbucks to boost pay for all employees in the United States

Biden vows to raise federal minimum wage to $15 an hour

President-elect Biden has promised to raise the federal minimum wage to $15 per hour, which may result in job losses and small business closures. FOX Business’ Hillary Vaughn with more.

Starbucks confirmed to FOX Business Monday that it will give pay raises to all of its in-store employees in the United States.

Continue Reading Below

"For nearly 50 years, Starbucks has been a leader in providing relevant, industry-leading benefits and a total compensation approach that is best-in-class for both part and full-time employees," a Starbucks spokesperson said in a statement. "Continuing in that tradition, this announcement is the next phase of its commitment to ensuring the well-being of partners with one of the most significant investments to hourly pay in the U.S. in the history of the company."

CLICK HERE TO READ MORE ON FOX BUSINESS

According to an internal memo, all baristas, supervisers and cafe attendants will receive an increase of at least 10%. Starbucks' partners with three years of continued service will also receive a pay bump of at least 11%.

In addition, all employee start rates will see an increase of at least 5%. The premium Starbucks pays above minimum wage in every market will also see an increase.

TickerSecurityLastChangeChange %
SBUXSTARBUCKS CORPORATION97.91-0.69-0.70%

The raises will roll out across the United States by Dec. 14.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

This is a breaking story. Check back for updates.

Source: Read Full Article