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Another sad day for humanity!
Amazon's senior employees may not get a cash pay raise this yearOne can only offer thoughts and prayers to these poor execs.
March 27 (Reuters) - Amazon.com Inc (AMZN.O) said on Wednesday its senior employees, whose compensation includes more stock-related awards than cash, may not receive a cash pay raise this year.
"For this year's compensation cycle, we are prioritizing cash base pay increases for employees whose compensation is weighted more heavily in base pay as opposed to stock," an Amazon spokesperson said in an emailed statement.
Some of these top employees' compensation, however, will meaningfully exceed that of last year due to growth in the e-commerce giant's stock price over the past year, the spokesperson added.
"For this year's compensation cycle, we are prioritizing cash base pay increases for employees whose compensation is weighted more heavily in base pay as opposed to stock," an Amazon spokesperson said in an emailed statement.
Some of these top employees' compensation, however, will meaningfully exceed that of last year due to growth in the e-commerce giant's stock price over the past year, the spokesperson added.
So they are not getting more cash because the stock went up so much last year that the stock they got is worth so much more.
Despite the strong performance, Amazon began the year by shedding jobs across several divisions. Aiming to slash costs, the company had cut more than 27,000 jobs and trimmed stock awards last year.
But it's okay because 27,000 little people were dumped.