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. .
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. .
Starbucks has invested over $1 billion on its employees and stores over the past year, which has reportedly helped to keep workers. .
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. .
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