Dollar Steady as Fed Nomination and Japanese Election Shape Currency Markets 
Novo Nordisk Warns of Profit Decline as Wegovy Faces U.S. Price Pressure and Rising Competition 
Oil Prices Climb as Middle East Tensions and U.S. Inventory Data Boost Market Sentiment 
SpaceX Reports $8 Billion Profit as IPO Plans and Starlink Growth Fuel Valuation Buzz 
Taiwan Urges Stronger Trade Ties With Fellow Democracies, Rejects Economic Dependence on China 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Tesla Launches New Model Y Variant in the US Starting at $41,990 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
U.S. Stock Futures Rise as Investors Eye Big Tech Earnings and AI Momentum 
SpaceX Updates Starlink Privacy Policy to Allow AI Training as xAI Merger Talks and IPO Loom 
Oracle Plans $45–$50 Billion Funding Push in 2026 to Expand Cloud and AI Infrastructure 
U.S. Stock Futures Edge Lower as Tech and AI Stocks Drag Wall Street Ahead of Key Earnings 
Boeing Signals Progress on Delayed 777X Program With Planned April First Flight 
Boeing Secures New Labor Contract With Former Spirit AeroSystems Employees 
Jensen Huang Urges Taiwan Suppliers to Boost AI Chip Production Amid Surging Demand 
Paul Atkins Emphasizes Global Regulatory Cooperation at Fintech Conference 
Starbucks announced on Wednesday, Oct. 27, that it would be issuing a pay hike for its store baristas in the United States. The coffee chain said that the increase in wages would happen at least twice, and this will bring the minimum pay up to $17 per hour by the summer of 2022.
CNBC noted that Starbucks’ announcement about a pay hike comes as establishments in the restaurant industry struggle to employ new staff as the number of applicants is really low. Most of the big names in this business sector, including McDonald’s, Popeyes, Domino’s Pizza, and more, are also finding it hard to find new workers even after posting job ads.
Restaurants today need more hands in their respective stores as the demand is slowly bouncing back after the troubling months following the COVID-19 outbreak in 2020. Other business sectors are also experiencing labor shortages, and almost all companies are now offering wage increases and other benefits to attract more job applicants.
Apparently, Starbucks is also affected by the labor crunch and is now offering pay raises to baristas so they will continue to work with the company and provide them with better compensation. The company said it would issue up to a 5% increase to baristas who have worked for at least two years.
For those who have been with Starbucks for at least five years, they can get up to a 10% pay increase. A second pay hike will follow in the summer of 2022, and by this time, the average pay per hour will go up to $17 per hour. It was mentioned that the current hourly pay is $14 an hour, and the new minimum will be raised to $15.
And this is not all, Starbucks will also offer other benefits such as $200 referral bonuses for its employees. Since baristas tend to do a lot of work in preparing drinks, the company is also working on technologies to make the job easier for them.
Meanwhile, Reuters reported that Starbucks’ last pay increase was in December of last year. It gave a 10% additional for its staff. The company was said to have invested a total of $1 billion for wages in benefits in the last two years.
