10 Stories

BP CEO Shouldn't Get 20% Raise After $5.2B Loss: Investors

But vote's nonbinding, so looks like Bob Dudley will get his full bonus

(Newser) - Oil giant BP lost $5.2 billion last year, but the company somehow saw fit to propose maximum bonuses for 2015 for its top executives, including a 20% pay increase for CEO Bob Dudley—a proposal that 59% of shareholders roundly rejected by proxy vote at Thursday's annual meeting,... More »

40% of US Walmart Workers to Get Raises: CEO

"We are trying to create a meritocracy," Doug McMillon says

(Newser) - Walmart is spending $1 billion to make changes to how it pays and trains US hourly workers as the embattled retailer tries to reshape the image that its stores offer dead-end jobs. As part of its biggest investment in worker training and pay ever, Walmart says that within the next... More »

China Regulator Asked JPMorgan for Hiring 'Favor'

Bank gave job to official's family friend

(Newser) - With JPMorgan Chase facing scrutiny over its hiring in China, the New York Times is raising questions about a worker who is a family friend of a Chinese insurance regulator. In June 2012, when JPMorgan was looking for work with Chinese insurance firms, CEO Jamie Dimon met with the regulator,... More »

Despite Money Woes, UC Gives $140M in Raises

Move designed to keep pace with union salaries

(Newser) - The University of California is in the midst of what’s advertised as its worst fiscal crisis ever, with lost state funds leading to tuition hikes and layoffs—but that’s not stopping it from handing out $140 million worth of merit-based raises, the San Francisco Chronicle reports. The raises... More »

Google's Fired Leaker Was Apple Employee No. 6

Industry 'legend' gave details about raises

(Newser) - The leak of Google’s companywide raise prompted a firing at the search giant, and it looks like it was an “Apple legend” who got the sack, writes Ryan Tate at Gawker . Word of mouth among Googlers—and plenty of circumstantial evidence—suggests Randy Wigginton, one of Apple’s... More »

All Googlers Get 10% Raise

Move likely to cost firm more than $1B

(Newser) - Google has given all its employees a little holiday surprise: a $1,000 bonus and a 10% raise starting next year, reports Henry Blodget at Business Insider . And, citing employee feedback, Google will convert a portion of their bonuses to their salary—though merit-based bonuses will still be awarded separately.... More »

Next Year, You Might Actually Get a Raise

Ten jobs likely to benefit from the improving economy

(Newser) - Unsurprisingly, 2009 was a grim year for many an employee’s wallet, with 85% of big companies doing away with across-the-board merit pay, but 2010 already looks a lot brighter. More than half the companies who froze salaries this year tell Fortune they plan to defrost them next year. Here’... More »

S. African World Cup Laborers End Strike

Workers building new stadiums negotiate 12% pay raise

(Newser) - South African construction workers tasked with building facilities for the 2010 World Cup today called off their week-long strike after 15 hours, clearing a major obstacle in the country’s preparations to host to the world’s most watched sports competition, AFP reports. Construction firms agreed to give the roughly... More »

In Lieu of Bonuses, Citi Gives I-Bankers 50% Raises

(Newser) - Citigroup will raise salaries for investment bankers and traders as much as 50% to offset a steep falloff in bonus pay and keep the company’s compensation package competitive, Bloomberg reports. Other employees, like those in the consumer banking section, will receive smaller raises. Citi, which took $45 billion in... More »

Times Cuts Salaries, Jobs; Post Offers More Buyouts

(Newser) - The economic crisis and outdated business models are forcing steep cuts at three venerable news organizations. The New York Times today announced a 5% pay cut for all employees, who were offered 10 extra days off as compensation, "in a spirit of shared sacrifice and as a way to... More »

10 Stories