Starbucks to raise minimum wage of its employees


October 29, Fineko/ American Starbucks Corp., the owner of the world's largest chain of coffee shops, announced that by the summer of 2022 it will increase the minimum wage of workers in the U.S. and will take a number of measures to improve working conditions.

The company says it plans to increase the minimum wage up to $15 and the maximum wage up to $23 per hour.

The salary of employees who have been working in the company for two years or more will be increased by 5% at the end of January, and those who have been working for five years or more - by 10% maximum.

Starbucks announced an increase in employee pay for the third time in the last 24 months.

Company’s net profit for the 2020-21 fiscal year (ended on 27 September) increased 4.5-fold compared with 2020 up to $4.199 bn. Diluted earnings per share were $3.54 versus $0.79 a year ago. Company's income grew by 23.6% up to $29.06 bn.

During the fiscal year Starbucks opened 1,173 new coffee shops.