Photo: Associated Press
Apple is about to open its wallet.As Business Insider reported earlier, Apple is planning to give every one of its retail employees a $4 per hour raise next month.
Apple had 27,350 retail employees in the United States as of March of this year, the majority of whom work full time. If we assume that each of those employees works 40 hours a week, this raise will cost Apple as much as ~$227.5 million extra a year.
To be sure, not all Apple employees put in 40 hours a week, but then again, the company has brought on more employees in the last three months who aren’t counted here, so it should come close to evening out.
Of course, $227.5 million is pocket change for a company with more than $110 billion in cash and investments, but it represents a symbolic change for a company that has long been obsessed with boosting its profit margins.
UPDATED: An earlier version of this story mistakenly said the cost of the raise would amount to 0.004% of Apple’s $110 billion cash pile. In fact, that was based on the extra cost per week, rather than per year. We have since corrected this mistake.