Apple, the tech giant led by CEO Tim Cook, is making changes to its annual pay raises for retail employees amid a decline in demand for its iPhones. The company is introducing a 4% pay increase, significantly lower than the 8% to 10% raises given last year during a period of high inflation. Apple Store employees currently earn between $22 and $30 per hour, while workers at AppleCare earn slightly more. Performance reviews for employees are currently taking place and will continue through October. Apple’s decision to reduce pay raises comes as the company has reported three consecutive quarters of falling revenue, primarily due to declining iPhone sales.
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