Saturday, February 24, 2024

New salary ranges revealed for Tesla workers in the United States

According to leaked documents obtained by Business Insider, workers at Tesla factories in the United States now earn between $22 and $39 per hour, following the implementation of new salaries announced in December and rolled out on January 8, 2024.

The company has established three regions with different salary levels based on the cost of living in each area: plants in Austin, Texas, and Sparks, Nevada, receive the lowest wages, while those located in Fremont and Palo Alto, California, have the highest salaries.

For example, Level 1 workers at the Fremont factory now receive $25.25 an hour, while Level 7 workers will earn $35.50 an hour under the new compensation structure.

Despite these numbers, Tesla workers in the United States make more than the minimum wage required by states. For example, in California, where the minimum wage is $16 an hour, Tesla’s Tier 1 workers earn $25.25.

In addition to the base salary, employees will be eligible for bonuses every six months, determined by their performance and the overall results of the company. These bonuses, known as Cyber ​​​​Wallets, can be used to earn paid time off, long-term cash awards, or restricted stock units and stock options.

Tesla’s performance evaluation system is based on a five-point scale, where a rating of 3 is considered to have met expectations and is eligible for a bonus, while higher ratings may result in more bonuses.

With more than 140,000 employees, the majority of whom live in the United States, Tesla continues to be a major player in the labor market, and its compensation and bonus structure offers insight into how the company seeks to attract and retain. the talent of the auto industry. and technology.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
Latest news
Related news