Feb 25, 2021 - Economy

Scoop: Insider to raise minimum salary for full-time U.S. employees to $60,000

CEO Henry Blodget. Photo: Britta Pedersen/picture alliance via Getty Images)

Insider Inc. will boost its minimum salary to $60,000 annually for U.S. employees, while increasing its minimum severance package to eight weeks, according to a memo from company executives obtained by Axios.

Why it matters: Insider has been able to dodge many of the financial headwinds from the pandemic that plagued other media businesses.

In an interview with Axios earlier this year, CEO Henry Blodget said the company hired 130 journalists last year, and did not have to lay anyone off.

Details: Insider will also convert its salary+bonus compensation for most editorial staff to only salary, per the memo from CEO Henry Blodget and chief people officer Margaret Bowani.

"Editorial employees who currently receive a bonus will have their salary increased by the amount of their target bonus," the memo reads.
Some employees earning just over $60,000 will also get a modest raise to account for the new higher minimum.
The company is also increasing minimums in the U.K.
Fellowship and intern programs will remain the same.

The big picture: Many media companies have had to lay off employees amid the pandemic, mostly due to advertising headwinds.

What's next: "The minimum-salary and bonus changes will take effect on April 1st," per the note. "The minimum severance change will take effect immediately."

Go deeper: Insider Inc. to drop Business Insider name amid massive global expansion

Add Axios on Google

Scoop: Insider to raise minimum salary for full-time U.S. employees to $60,000

What to read next