Feb 25, 2021 - Economy & Business

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."

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