Microsoft to 'nearly double' budget for salary hikes to retain employees

Microsoft's salary package is composed of base salary, bonus and stock. The changes will apply to a substantial part of the company's workforce, which stood at 181,000 as of June 30, 2021.

Microsoft Corp. plans to “nearly double” its budget for employee salary increases and boost the range of stock compensation it gives some workers by at least 25%, an effort to retain staff and help people cope with inflation.

The move will mainly affect “early to mid-career employees,” the software giant said in a statement Monday.

“As we approach our annual total rewards process, we are making a significant additional investment this year to compensate our employees globally,” the Redmond, Washington-based company said. “While we have factored in the impact of inflation and rising cost of living, these changes also recognize our appreciation