this post was submitted on 22 Sep 2023
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267
Apple reduces raises given to retail employees after weak iPhone quarter (appleinsider.com)
submitted 2 years ago by L4s@lemmy.world to c/technology@lemmy.world
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Apple reduces raises given to retail employees after weak iPhone quarter::The smartphone market and general economy have slowed down post-pandemic, and Apple is reacting with a lower raise for employees in 2023 versus 2022.

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[–] Tosti@feddit.nl 2 points 2 years ago (1 children)

Ah yes, you are correct:

Apple chief executive Tim Cook will see his annual pay package slashed by more than 40% this year. The technology giant says Mr Cook requested the cut after criticism from shareholders.

Apple's compensation committee awarded him a total "target compensation" of $49m (£45.1m) for 2023.
Source: https://www.bbc.com/news/business-64258289

I personally think this is pure lip service. Someone making 100 Million a year taking a 49% pay-cut. But you are correct, he did take a pay-cut. But I would argue this does not hurt him in any way, especially not in comparison to line workers at the bottom of his company. In addition to this, there are a lot of high managers below him that also have direct influence on the course of the company, did they also take this paycut?

Mr Cook's pay was 1,447 times more than the wage of an average Apple employee.
Source: https://www.bbc.com/news/business-64258289

This excludes the workers at Foxconn and other manufacturing giants that work solely for apple and are compensated even worse.

[–] cricket97@lemmy.world 0 points 2 years ago (1 children)

He's running quite literally one of the biggest companies in the world. People who are able to do that deserve top dollar. 1447 times is really not that crazy given his relative economic impact

[–] Tosti@feddit.nl 3 points 2 years ago

Well, there we disagree, but that is fine.
Thanks for the cordial conversation though!