Starbucks to Raise , Hourly Wages for Baristas.
Beginning January 1, hourly Starbucks employees will receive a minimum of an additional 3% in pay, CBS News reports.
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The announcement comes amid Starbucks' plan to double 2020 hourly wages by 2025.
It also comes after the coffee chain reported annual revenue of nearly $36 billion.
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Starbucks has invested over $1 billion on its employees and stores over the past year, which has reportedly helped to keep workers.
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Coupled with higher wages and the expansion of hours, these investments have not only resulted in lower turnover ... but have also increased hourly total cash compensation by nearly 50% since fiscal year 2020, Starbucks, via statement.
Those who've been with the company longest will receive larger raises, Starbucks said.
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Employees who've been with the company up to five years could get "at least a 4% pay raise," while those who've been there longer could see another 5%, CBS News reports.
Pay increases will apply to both union and non-union employees.
However, raises for union workers will be dependent on "historical and recent years raises.".
Baristas typically earn $15 to $24 an hour plus benefits, according to Starbucks
