Apple trimmed down retail employee raises, returning to 4 percent average for 2023.
Last year’s higher raises of 8-10 percent linked to labor challenges.
Economic trends influence decision as US wage growth slows down.
Apple is reportedly paying its offline store employees between Rs 1,825 to Rs 2,490 on an hourly basis. But, the company has reportedly scaled down the annual raises for its retail employees, signalling a departure from the higher raises awarded in the preceding year. Here are the details.
According to a report from Bloomberg, Apple is instituting an “average annual raise” of approximately 4 per cent for the current year, effectively reverting to pre-2022 raise levels. The range of raises revealed for 2023 spans from 2 percent to a maximum of 5 percent, in stark contrast to last year’s more substantial increases, which ranged from 8 per cent to 10 per cent. The surge in raises in 2022 was attributed to labour shortages and a burgeoning unionization movement, with only two Apple Stores successfully unionizing so far.
This decision aligns with broader economic trends in the United States, where wage growth has been sluggish this year, accompanied by a deceleration in inflation rates. Consequently, Apple’s adjustment in employee raises mirrors the overall economic climate.
There are no figures for Indian store employees as of now. However, the cited source revealed that most Apple sales personnel in the US are reportedly earning hourly wages ranging from $22 (approximately Rs 1,825) to $30 (about Rs 2,490), while employees in AppleCare roles may receive slightly higher compensation. Additionally, Apple annually issues restricted stock units to both categories of employees, with most packages topping out at approximately $2,000 this year. Furthermore, the tech giant has also granted select workers rare bonuses.
This recalibration in employee raises also extends to AppleCare technical support staff, marking a return to the traditional compensation structure after the more significant raises of the previous year.
Besides, the new iPhone 15 series went on sale earlier today for the first time. Many Apple fans across India thronged at the tech company’s official Mumbai and Delhi stores. For those who are unaware, the iPhone 15 with the base 128GB comes with a price of Rs 79,900, whereas the iPhone 15 Plus with 128GB will cost you Rs 89,900. The iPhone 15 Pro will be sold for Rs 1,34,900, and the iPhone 15 Pro Max, which is the most premium iPhone from Apple, is priced at Rs 1,59,900.