Microsoft won’t raise workers’ wages this year: Report
Microsoft Corp will not raise wages for full-time employees this year and will cut the budget for bonuses and stock awards, Insider reported Wednesday, citing an internal email from CEO Satya Nadella.
The technology giant did not immediately respond to Reuters’ request for comment.
“Last year, we made a significant investment in compensation, driven by market conditions and company performance, and nearly doubled our overall budget … this year, economic conditions are very different in many dimensions,” Nadella was quoted as saying in the report.
In January, Microsoft announced it would cut 10,000 jobs, adding to tens of thousands of layoffs previously announced in the tech industry as it deals with slowing growth in a troubled economy.
Microsoft is now focused directly on generative artificial intelligence, which is the industry’s bright spot.
In collaboration with ChatGPT maker OpenAI, which has also received billions of dollars in funding from Microsoft, the tech giant has added artificial intelligence technology to its Office products and its search engine Bing.
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