Apple staff are set for a pay rise later this year, the tech giant has confirmed.

The move comes amid a record-tight labor market in the United States, as well as rising inflation and living costs for employees.

Apple’s decision comes after Google, Amazon, and Microsoft made significant changes to their pay schemes in an effort to retain and attract talent.

An Apple spokesman said: “Supporting and retaining the best team members in the world enables us to deliver the best, most innovative, products and services for our customers, this year as part of our annual performance review process, we’re increasing our overall compensation budget.”

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Apple will also increase the starting wage for retail employees in the United States to $22 per hour, up from $20.

The company also says certain stores in specific regions may have higher starting pay.

The increase in retail wages comes as Apple faces retail union drives across the country demanding higher wages.

Employees at an Atlanta, Georgia, store will vote in June on whether to join the Communication Workers of America.

In April, inflation reached 8.3 percent, the highest rate in more than 40 years, while unemployment remained low at 3.6 percent.

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These factors has pushed many workers, particularly in high-demand fields such as technology, to seek better pay or more flexible working conditions at other companies.

There are some indications that the hot labor market for technology workers is cooling as a result of market conditions. In response to market conditions, Facebook, Snap, and Nvidia have recently announced that they will slow hiring in order to control costs.

Apple remains in a strong cash position, with sales increasing 34 percent in 2021 to over $297 billion and a gross margin of 43%.

Source: CNBC

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