Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Technology / News/  Microsoft will not give employees salary raise this year: Report
BackBack

Microsoft will not give employees salary raise this year: Report

Microsoft will not raise salaries for full-time employees this year and is reducing budget for bonuses and stock awards, Insider reported, citing an internal email by CEO Satya Nadella

In January, Microsoft said it would let go of 10,000 workers (Photo: Reuters)Premium
In January, Microsoft said it would let go of 10,000 workers (Photo: Reuters)

Microsoft Corp will not raise salaries for full-time employees this year and is reducing budget for bonuses and stock awards, Insider reported on Wednesday, citing an internal email by CEO Satya Nadella.

The tech giant did not immediately respond to a Reuters request for comment.

"Last year, we made a significant investment in compensation driven by market conditions and company performance, nearly doubling our global merit budget...this year the economic conditions are very different across many dimensions" the report quoted Nadella saying.

In January, Microsoft said it would let go of 10,000 workers, adding to the tens of thousands layoffs announced before that across the technology sector as it deals with slowing growth in a turbulent economy.

Microsoft has now squarely placed its focus on generative AI, an area the industry sees as a bright spot.

In collaboration with ChatGPT maker OpenAI, which also has received billions of dollars in funding from Microsoft, the tech giant has been infusing the AI tech into its Office products as well as search engine Bing.

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Technology News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 10 May 2023, 10:18 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App