In short: Apple, one of the firms that has largely avoided the negative economic fallout from the ongoing global health crisis, plans to pay out $ 1,000 bonuses to its retail employees who worked during the pandemic.
According to the statement, employees of the tech company’s retail outlets hired before March 31, 2021 will receive a bonus of $ 1,000. Bloomberg… Those who joined after this date are eligible for the $ 500 bonus. In the meantime, new hires will receive $ 200 for the upcoming shopping season.
When the coronavirus hit in early 2020, Apple stores, like most stores, were closed on many occasions and spending shifted more towards online shopping. Thousands of employees have moved to online sales positions – with this in mind, not only Apple Store employees are eligible for bonuses; AppleCare and online salespeople will also receive a share of windfall bonuses.
Apple is not in the habit of giving bonuses to its retail employees. The latest bonus came during 2018, when Apple distributed $ 2,500 in limited stocks to a significant portion of its staff, including those who worked in its retail stores. The bonus came after tax changes allowed Apple to draw money from its huge offshore cash reserves – nearly $ 200 billion – at a reduced price.
The financial rewards Apple is giving its retail employees this time comes amid a record year for the company. The demand for Apple products is only growing, as evidenced by this year’s profit and loss statements; In the second fiscal quarter ended March 27, 2021, the company reported record revenues of $ 89.6 billion. In the next quarter, ending in June, it totaled $ 81.4 billion, up 36 percent from 2020.
Labor shortages have hit several industries due to the pandemic, which could have been factored into Apple’s bonus arrangement. He will need all the manpower he can save, especially with the upcoming iPhone 13 release.