Stripe Workers Who Relocate Get $20,000 Bonus and a Pay Cut
By Editor - Tue Sep 15, 3:27 pm
(Bloomberg) — Stripe Inc. plans to make a one-time payment of $20,000 to employees who opt to move out of San Francisco, New York or Seattle, but also cut their base salary by as much as 10%, according to a person familiar with the matter.The payments processor will make the offer available to workers who choose to relocate before the end of the year, said the person, who asked to remain anonymous to discuss private details. But employees opting to move may have to relinquish some of their base pay.The new policy adds Stripe to the list of technology companies that have expanded opportunities for employees to work remotely while also signaling they may implement pay cuts if workers move to less-expensive cities. VMware Inc. told Bloomberg News on Friday it had instituted such a policy, and Facebook Inc., Twitter Inc. and ServiceNow Inc. have all considered similar measures.Mike Manning, a spokesman for Stripe, declined to comment.For many Americans, the Covid-19 crisis has upended the cost-benefit balance of living in expensive metropolitan areas, which for months have been devoid of their usual flair. With corporate campuses and office buildings still closed or only partially staffed, many companies have given workers more leeway than ever to decide where and how they want to work.
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