Apple To Pay Store Workers Bonuses Of Up To $1,000 As It Looks To Move Past Pandemic Setback: Report

Apple Inc. AAPL is planning to pay one-time bonuses amounting to up to $1,000 to store employees next month, Bloomberg reported Wednesday, citing people familiar with the situation.

What Happened: Apple will give $1,000 to retail staff who were at the company before March 31 this year, while employees who were hired after that date will receive $500, as per the report. New employees hired for the holiday shopping season will get $200.

The Tim Cook-led company also plans to provide a one-time bonus to Apple Care and online sales workers. The bonuses will reportedly be provided as paychecks rather than as stock units.

See Also: How To Buy Apple (AAPL) Stock

Why It Matters: Apple is paying bonuses to retail workers in recognition of their work amid the COVID-19 pandemic, as per Bloomberg. The move also highlights efforts by the Cupertino-based company to retain its employees amid a tighter labour market and as it gears up for the crucial holiday season.

The tech giant does not often pay bonuses to its retail staff. The last bonus by Apple was in 2018 when it granted $2,500 worth of restricted stock units to most of its employees following the introduction of new tax laws in the U.S.

It was reported earlier this month that in an open letter to CEO Tim Cook, a group of Apple employees asked the company to “provide transparent livable, equitable, and fair compensation across all of Apple.”

Price Action: Apple shares closed almost 1.7% higher in Wednesday’s trading at $145.85.

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