A Starbucks Corporation (NASDAQ:SBUX) pay raise in early 2018 is reaching thousands of employees at the coffee chain.
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Here’s what you should know about the Starbucks pay raise 2018:
- The company will shell out $250 million on new employee benefits, including a pay boost to domestic workers.
- The move came in the wake of the federal tax overhaul.
- Starbucks will increase the pay for its 150,000 workers who make up the company’s U.S. hourly and salaried employees.
- The pay hike will take place in April, which follows the company’s annual raise from earlier this month.
- The coffee chain also announced that it is bringing its paid-sick time benefit national, which gives workers the opportunity to save up time off to use for themselves or family members.
- “Investing in our partners has long been our strategy,” Starbucks CEO Kevin Johnson said in a memo to employees. “Due to the recent changes in U.S. tax law, we are able to accelerate some significant partner investments.”
- It’s unclear how exactly Starbucks will pay its workers as this new level will vary by region, and the company already pays more than minimum wage in all 50 states.
- The coffee chain said it is also working on investing in mobile technology in order to solve high congestion issues in its U.S. counters, which have failed to grow at the level of its international stores.
SBUX stock fell 1.7% on Wednesday.
