Luxury off-price retailer, Saks Off Fifth, has announced it will be increasing its minimum wage to 15 dollars for its US-based hourly workers, effective immediately, as well as its plan to implement bonus opportunities and competitive benefit offerings.
“The past 18 months have been like nothing we have seen before in retail and this increase in base pay is a testament to our associates’ collective commitment and dedication to our business,” said Rob Brooks, president of retail operator O5, in a statement. “As we work toward creating the ultimate luxury off-price retailer, we are focused on investing in, and attracting the talent we need to drive our business forward.”
Saks Off Fifth ups minimum wage
In an additional supportive initiative, the company has stated it will be awarding store associates 500 dollars in appreciation bonus. The move is in relation to their efforts within the past year, recognising their navigation through the pandemic.
The announcement comes amidst a wide-scale discussion throughout the US related to the Raise the Wage Act report released earlier in the year. The article estimated that the increase in the federal minimum wage to 15 dollars an hour would benefit 17 million workers by 2025, however, would see a reduction in employment by over one million. A number of states have already ordered a gradual increase to 15 dollars, including the likes of Florida, New Jersey and Illinois.
Furthermore, Saks Off Fifth is currently hiring around 500 seasonal associates throughout the US and Canada to support the company both in its growth and through the holiday season. Potential employees are offered flexible schedules, competitive compensation and benefits packages, as well as associate discounts.