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Silicon Valley's  Wage Gap is Widening, But The Top 10 Percent Keep Getting Richer

Low wage workers in Silicon Valley are not reaping the benefits of the region’s economic growth. According to a report funded by the UC Berkeley Labor Center, workers’ wages are now less than they were 20 years ago although Silicon Valley has experienced steady economic growth. There has also been a disproportionate 25 percent increase in low-wage jobs, while the number of middle and upper wage jobs declined. Wages have stagnated for nearly 90 percent of the workforce with a decreasing share of total output going to tech’s employees. Amazon announced earlier this month that it is increasing hourly wages from $11 to $15 after hitting a $1 trillion market cap in September. The new wages are set to go into effect On November 1. Amazon said that it is also ending its monthly bonuses and stock rewards for warehouse workers to help fund the wage increase. Comparatively, Amazon’s CEO Jeff Bezos makes more than $28,000, the median salary for an Amazon employee, every 10 seconds. Older tech...

Arriana McLymore

Oct 15, 2018