Amazon employees can soon use their stock as collateral when buying homes thanks to an arrangement with Better.com.
The online mortgage lender has launched “Equity Unlocker,” which lets employees pledge stock for home loans.
Better said, the program is crafted partly since “equity compensation was a particular concern” for Amazonians.
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Current and former Amazon employees with vested equity in the company are eligible for the benefits.
Better’s CEO Vishal Garg said: “For young professionals burdened with student debt and lack of savings, we know how hard it is to buy a home.
“This problem is exacerbated when many of the best and fastest growing companies increasingly reward their employees with equity rather than cash.”
Amazon representative Brad Glasser said the initiative is part of its “wide-ranging slate of financial benefits” offered to the staffers.
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The Seattle giant’s focus on stock-based pay packages has faced wide criticism.
It has historically given employees less cash compensation than its big-tech peers.
Employee compensation might fall by up to 50 percent this year as a result of the company’s recent share price fall.
Amazon began laying off staff this year as part of its plan to cut 18,000 jobs, joining the ranks of tech behemoths that are downsizing.
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