Monday, March 4, 2024

Tesla skips employees’ yearly merit-based stock compensations – Bloomberg News

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(Reuters) -Tesla is not offering its employees yearly merit-based stock awards, Bloomberg News reported on Tuesday.

Tesla did not immediately respond to Reuters’ request for comment.

The news comes after United Auto Workers union said in November it is launching a first-of-its-kind push to publicly organize the entire nonunion auto sector in the U.S., including Tesla, after winning new contracts with the Detroit Three automakers.

The company’s managers delivered the news to salaried employees, the report stated, adding that four employees from different departments told Bloomberg News they believe the move was widespread.

Workers were still given modest cost-of-living increases and adjustments to their base salaries, according to the report.

Some Tesla employees who reached the end of their four-year vesting cycle were given stock “refreshers”, in order to keep their total compensation competitive, the report added.

(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Krishna Chandra Eluri and Rashmi Aich)

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