Apple, Inc. AAPL has reportedly followed up on its February pay increases for its store employees with another.
What Happened: Cupertino is raising salaries for store employees in the U.S. by 10% or more, to at least $22 per hour, the Wall Street Journal reported, citing an email from the company to workers.
See Also: How To Buy Apple (AAPL) Shares
"This year as part of our annual performance review process, we're increasing our overall compensation budget," the report said, citing an Apple spokesperson.
The latest move is on top of the 2-10% upward revision the company announced in February.
Why It Matters: The pay hike comes against the backdrop of a tough economy and growing discontent among store workers. Inflation in the U.S. is at a 40-year high amid supply-chain disruptions and intensifying geopolitical tensions. Real wages, the ones adjusted for inflation, have been moving south, making it unviable for employees to survive with their incomes.
Meanwhile, Apple store workers have taken up cudgels against the company for not adequately compensating them and providing good working conditions. These employees have gone all out to organize themselves under a union.
Apple, on its part, has dissuaded the efforts, through persuasion and coercion.
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