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(Salon)   Well, how ELSE would Jeff Bezos earn another $30 billion unless he ends the extra $2/hour 'Hazard Pay' for employees?   (salon.com) divider line
    More: Asinine, Jeff Bezos, giant Amazon, hour pay increases, employeesTuesday, warehouse workers, Whole Foods, Amazon employee, Amazon.com  
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389 clicks; posted to Business » on 18 May 2020 at 9:05 AM (7 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



23 Comments     (+0 »)
 
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2020-05-18 9:13:14 AM  
Hope this doesn't mean the next Amazon package will arrive violated.  Wait.  Got Amazon confused with United Airlines where the customer is the target for getting back at management.
 
2020-05-18 9:19:34 AM  
Critics biatched that he kept his people working at all, critics biatched that the hazard pay was only $2 an hour, and now critics are biatching that it's not going to go on forever.

/we get it, you hate that people are employed
 
2020-05-18 9:28:59 AM  
'earn' is not the right verb.  'make' would be more accurate.
 
2020-05-18 9:49:23 AM  
for all the bezos hate flying about, i wonder how much actual capacity he has to change things.  i think he owns only something like 10pct of shares in Amazon.

given how the legal precedent is set in the us, companies have an obligation to the shareholders alone. not a single fark is given to the people responsible for those actually keeping the company alive and profitable.  I'd like to be completely wrong about this.
 
2020-05-18 9:59:41 AM  
That's a dumb way to earn $30B. Assuming all 840,000 Amazon employees are getting a $2/hr pay cut (they aren't) AND all that money goes directly to Bezos (it doesn't) AND all those employees are working 40 hours per week (they aren't) it will require 8.5 years for that $2/hr to accumulate into $30 billion. That's the equivalent a 2.2% annual interest compounded on Bezos total net worth. That's roughly the dividend yield of a S&P500 ETF. You don't think Jeff can do better than that?
 
2020-05-18 10:00:23 AM  
Look, I'll bag on Jeff "Midlife Crisis" Bezos all day, but one thing we've learned is that coronavirus transmission through packages does not appear to be a thing that we should worry about.  It's probably not hazardous to work in a warehouse.
 
2020-05-18 10:05:45 AM  

Rapmaster2000: Look, I'll bag on Jeff "Midlife Crisis" Bezos all day, but one thing we've learned is that coronavirus transmission through packages does not appear to be a thing that we should worry about.  It's probably not hazardous to work in a warehouse.


I think it is more the workers giving it to each other like with the meat packers. However, given that there hasn't been any big outbreaks at an Amazon wearhouse they may actually be able to distance the employees properly so you might be correct in that it isn't that hazardous.
 
2020-05-18 10:13:09 AM  
After this, you can count on Bezos and other CEOs never offering special pay in the future, to avoid being ragged on as heartless and greedy when it inevitably ends.
 
2020-05-18 10:25:31 AM  
I stopped buying from Amazon a few years ago. Usually plenty of alternatives. Not always. Amazon is doing too much damage to the country.
 
2020-05-18 10:28:59 AM  

Not_Todd: Critics biatched that he kept his people working at all, critics biatched that the hazard pay was only $2 an hour, and now critics are biatching that it's not going to go on forever.
/we get it, you hate that people are employed

jjorsett: After this, you can count on Bezos and other CEOs never offering special pay in the future, to avoid being ragged on as heartless and greedy when it inevitably ends.


Amazing to see how you can try and spin anything. Does not seem to matter what, you just HAVE to spin it the opposite way. But do you think anyone buys into your BS?
 
2020-05-18 10:32:17 AM  
I bet you could convince Trump to raise the minimum wage by showing him how much money it would cost Bezos.
 
2020-05-18 10:49:16 AM  

The_Homeless_Guy: Rapmaster2000: Look, I'll bag on Jeff "Midlife Crisis" Bezos all day, but one thing we've learned is that coronavirus transmission through packages does not appear to be a thing that we should worry about.  It's probably not hazardous to work in a warehouse.

I think it is more the workers giving it to each other like with the meat packers. However, given that there hasn't been any big outbreaks at an Amazon wearhouse they may actually be able to distance the employees properly so you might be correct in that it isn't that hazardous.


I read an article about pasta factories in this pandemic and how they've become a 24/7 operation because people are eating a lot of pasta right now.  There is also plenty of wheat to make pasta.  Anyway, there haven't been any outbreaks in pasta factories for this same reason.  People don't work on top of each other in a pasta factory like they do in a meatpacking operation.  They work far apart and they mostly are there just to keep the machines running and to move pallets in and out of the warehouse.
 
2020-05-18 11:03:12 AM  
So, if the hazard is over for workers then everything can go back to normal and there's no need for companies to have liability shielding from their workers getting sick, right?
 
2020-05-18 11:21:14 AM  
Amazon's profit margin is about 3% (it's been lower in the past, but let's use 3%). On $70B revenue (the figure from the quarter ending last summer, so it's likely higher now), that's $2.1 billion dollars.

Of pure profit.

That Amazon makes EVERY quarter.

That's enough to give each of Amazon's 840,000 workers a $2500 bonus. EVERY QUARTER. (For employees working twelve 40 weeks in the quarter, that works out to a raise of $5.20/hour.)

So Amazon could "only" get a billion in profit this quarter, give every one of their 840k people $2/hr for a full quarter of work, and STILL have $300 million left over.
 
2020-05-18 11:56:29 AM  

Dr Dreidel: Amazon's profit margin is about 3% (it's been lower in the past, but let's use 3%). On $70B revenue (the figure from the quarter ending last summer, so it's likely higher now), that's $2.1 billion dollars.

Of pure profit.

That Amazon makes EVERY quarter.

That's enough to give each of Amazon's 840,000 workers a $2500 bonus. EVERY QUARTER. (For employees working twelve 40 weeks in the quarter, that works out to a raise of $5.20/hour.)

So Amazon could "only" get a billion in profit this quarter, give every one of their 840k people $2/hr for a full quarter of work, and STILL have $300 million left over.


Large quaterly bonuses for unskilled labor are an option; however, Amazon appears to be competently managed so I suspect they may not go that direction.
 
2020-05-18 12:00:52 PM  
I would imagine the majority of Bezos' wealth (and these he's gonna be eleventy billion dollars richer by dinner calculation) is from his shares in Amazon.

If only there was a way an average consumer could have an effect on a retail outlet and thereby their stock price.
 
2020-05-18 12:24:35 PM  

mmssdump: Dr Dreidel: Amazon's profit margin is about 3% (it's been lower in the past, but let's use 3%). On $70B revenue (the figure from the quarter ending last summer, so it's likely higher now), that's $2.1 billion dollars.

Of pure profit.

That Amazon makes EVERY quarter.

That's enough to give each of Amazon's 840,000 workers a $2500 bonus. EVERY QUARTER. (For employees working twelve 40 weeks in the quarter, that works out to a raise of $5.20/hour.)

So Amazon could "only" get a billion in profit this quarter, give every one of their 840k people $2/hr for a full quarter of work, and STILL have $300 million left over.

Large quaterly bonuses for unskilled labor are an option; however, Amazon appears to be competently managed so I suspect they may not go that direction.


We get it - exploitation is profitable.
 
2020-05-18 12:29:35 PM  

arcgear: for all the bezos hate flying about, i wonder how much actual capacity he has to change things.  i think he owns only something like 10pct of shares in Amazon.


He has plenty of leeway. That is why he got away with showing constant losses for years. He's the CEO and gets to make most of the big decisions. Investors generally trust him to make them money over the long haul and don't try to use the board to overrule him.

Given that investors know that damn near every company that isn't a grocery store, bleach brand or tech giant is hemorrhaging money right now, Amazon could easily drop their profits a bit and not worry about investors fleeing.
 
2020-05-18 12:47:21 PM  

mmssdump: Dr Dreidel: Amazon's profit margin is about 3% (it's been lower in the past, but let's use 3%). On $70B revenue (the figure from the quarter ending last summer, so it's likely higher now), that's $2.1 billion dollars.

Of pure profit.

That Amazon makes EVERY quarter.

That's enough to give each of Amazon's 840,000 workers a $2500 bonus. EVERY QUARTER. (For employees working twelve 40 weeks in the quarter, that works out to a raise of $5.20/hour.)

So Amazon could "only" get a billion in profit this quarter, give every one of their 840k people $2/hr for a full quarter of work, and STILL have $300 million left over.

Large quaterly bonuses for unskilled labor are an option; however, Amazon appears to be competently managed so I suspect they may not go that direction.


You mean the people who are still showing up to work, every day, to fill your orders for those oh-so-essential products like board games, workout gear, bidets, and LED strip lights? The people who work long shifts without a bathroom break and who are fired for having the temerity to suggest that's a bit farked up?

Those people don't deserve anything extra for their work this quarter, but Jeff Bezos (who is likely not reporting to a duty station outside his home) "earned" an extra few hundred million? (IIRC Amazon's looking great this quarter, so they might have a bit more in the coffers than they did last August.)

To say nothing of the fact that lower-wage workers are the ones more likely to have lost a family member to the virus. It's not the Jeff Bezoses of the world whose families are shrinking.

// and that wasn't an ask for a one-time quarterly bonus, chucklenuts - it was for a raise in pay to reflect their rise in importance to the supply chain
// aka "hazard pay"
// a trillion-dollar company that has line-level workers making under $15/hour, on billions in profit every quarter while suppressing unionizing efforts (illegally) and paying basically nothing in taxes on those profits, should not have to be shamed into supporting its "essential" workers during a crisis
// but fark 'em - if a few low-level people die or get sick, there's always more economic cannon fodder right?
 
2020-05-18 1:01:26 PM  

jjorsett: After this, you can count on Bezos and other CEOs never offering special pay in the future, to avoid being ragged on as heartless and greedy when it inevitably ends.


I suppose acting heartless and greedy should be the things they change instead?
 
2020-05-18 1:11:57 PM  

dionysusaur: 'earn' is not the right verb.  'make' would be more accurate.


Neither is.

His market value has gone up. Until you realize those earnings they are still make-believe.
 
2020-05-18 6:34:22 PM  

Dr Dreidel: Amazon's profit margin is about 3% (it's been lower in the past, but let's use 3%). On $70B revenue (the figure from the quarter ending last summer, so it's likely higher now), that's $2.1 billion dollars.

Of pure profit.

That Amazon makes EVERY quarter.

That's enough to give each of Amazon's 840,000 workers a $2500 bonus. EVERY QUARTER. (For employees working twelve 40 weeks in the quarter, that works out to a raise of $5.20/hour.)

So Amazon could "only" get a billion in profit this quarter, give every one of their 840k people $2/hr for a full quarter of work, and STILL have $300 million left over.


But what about the share holders?  They did not purchase those shares to help anyone but themselves.
 
6 days ago  

rightClick: I would imagine the majority of Bezos' wealth (and these he's gonna be eleventy billion dollars richer by dinner calculation) is from his shares in Amazon.
If only there was a way an average consumer could have an effect on a retail outlet and thereby their stock price.


I'm gonna ask again--so you guys have dumped your Amazon account then, right?
 
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