IT company to give employees $20000 bonus for relocation. But a pay cut also

2 min read . Updated: 16 Sep 2020, 11:54 AM IST

Bloomberg

The new policy adds Stripe to the list of technology companies that have expanded opportunities for employees to work remotely

Pay cuts and a lesser need for pricey office space offer companies ways to save money

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.

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. That’s led scores of white-collar workers to move closer to loved ones or to more sparsely populated areas with less punishing living costs.

Pay cuts and a lesser need for pricey office space offer companies ways to save money. But a migration of workers from downtown headquarters also pose challenges for bosses who worry that remote work over the long term could stifle innovation or hamper productivity. It will also be financially challenging for coastal hubs that have long attracted large companies and their highly paid employees.

For tax reasons, companies must know where employees reside, but any decisions to cut pay is at their discretion.

San Francisco-based Stripe, which employs around 2,800 people, has for years relied on remote work. Last year it formed a remote engineering hub in addition to its hubs in the Bay area, Seattle, Dublin and Singapore, and vowed to hire 100 new fully remote engineers and other staff.

Doing so has brought its workers closer to customers and businesses, and tailor products to fit local needs and limitations, Jay Shirley, who is the site lead for Stripe’s remote engineering hub, wrote in a May blog post.

The company was valued at $36 billion in it latest funding round, making it one of the country’s most valuable closely held startups.

The San Francisco Bay area had the highest prices for goods and services, including rent, among large metropolitan areas in the country in 2018, according to data from the U.S. Bureau of Economic Analysis. New York was in second place. Among areas of all sizes, the California cities of San Jose, Sunnyvale and Santa Clara, in the heart of Silicon Valley, had the nation’s highest rents.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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IT company to give employees $20000 bonus for relocation. But a pay cut also

Gonsolin Cools Off Padres, Rios Homers In Dodgers' 3-1 Win

News18 »sports

2-MIN READ

Gonsolin Cools Off Padres, Rios Homers In Dodgers' 3-1 Win

San Diego Padres third baseman Manny Machado applies a tag to Los Angeles Dodgers' Will Smith in the third inning of a baseball game Tuesday, Sept. 15, 2020, in San Diego. The Padres challenged the call of safe and it was over turned after review. (AP Photo/Derrick Tuskan)

Tony Gonsolin quieted San Diegos bats for seven innings, Edwin Rios homered and the Los Angeles Dodgers won 31 Tuesday night to snap the Padres eightgame winning streak and regain a 2 game lead in the NL West.

Last Updated: September 16, 2020, 9:57 AM IST

SAN DIEGO: Tony Gonsolin quieted San Diegos bats for seven innings, Edwin Rios homered and the Los Angeles Dodgers won 3-1 Tuesday night to snap the Padres eight-game winning streak and regain a 2 -game lead in the NL West.

The seven-time NL West champion Dodgers, being pushed by a Padres team that hasnt been to the playoffs since winning the division in 2006, bounced back from a 7-2 loss in the opener of the series between the NLs two best teams.

The Padres, cruising toward a berth in the expanded playoffs, lost for just the third time in 15 games.

Kenley Jansen made it interesting in the ninth, loading the bases with one out before striking out Wil Myers and rookie Jake Cronenworth to record his 11th save in 13 chances.

Justin Turner had three singles in his return from the injured list, including an RBI hit in the first off Zach Davies (7-3), who had his career-high streak of five straight victories snapped.

Reigning NL MVP Cody Bellinger also had an RBI single, in the third, and Rios made it 3-1 when he homered deep into the seats in right leading off the fifth, his fourth.

Gonsolin (1-1) held the Padres to one run and four hits, struck out two and walked none.

The 26-year-old rookie kept the Padres off balance except for the third, when they manufactured one run. Jurickson Profar hit a leadoff double over right fielder Mookie Betts, advanced on Greg Garcias sacrifice and scored when Trent Grisham beat out a bunt for a single.

After Grishams single, Gonsolin retired 14 of the next 15 batters.

Davies, who also lost to the Dodgers on Aug. 12, allowed three runs and eight hits in six innings, struck out five and walked one.

TRAINERS ROOM

Dodgers: Activated Turner from the 10-day injured list. He missed 13 games with a left hamstring strain. Before going on the IL, Turner was batting .282 with two homers and 20 RBIs in 32 games during the shortened season. He started at DH. In a corresponding roster move, the Dodgers optioned RHP Josh Sborz. … Reliever Caleb Ferguson left with an undisclosed injury after facing just one batter in the eighth.

UP NEXT

Dodgers: RHP Dustin May (1-1, 2.81 ERA) is scheduled to start the series finale Wednesday afternoon. Both of his decisions came against San Diego.

Padres: Were expected to name starter after Tuesday nights game.

___

More AP MLB: https://apnews.com/MLB and https://twitter.com/AP_Sports

IT company to give employees $20000 bonus for relocation. But a pay cut also

IT company to give employees $20000 bonus for relocation. But a pay cut also

SPORTS

Gonsolin Cools Off Padres, Rios Homers In Dodgers' 3-1 Win

Tony Gonsolin quieted San Diegos bats for seven innings, Edwin Rios homered and the Los Angeles Dodgers won 31 Tuesday night to snap the Padres eightgame winning streak and regain a 2 game lead in the NL West.

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