company offer: move outside expensive city & take 10% paycut for $20,000 bonus [View all]
As major Bay Area tech companies like Reddit, Salesforce and Dropbox all announced variations of a permanent remote work program amid the COVID-19 pandemic, others were experimenting with different ways to shift their workforce.
In September 2020, Stripe offered its employees a unique proposition — move outside the Bay Area and receive a $20,000 bonus. But all attractive offers come with a catch, and this one was a 10% pay cut.
Stripe co-founder and president John Collison recently told Bloomberg TV that many employees took advantage of the offer. “We saw pretty major uptake,” he told the television station. “There were a lot of people where they took advantage of all the remote working that was going on last year to be able to move to be closer to their families, to somewhere they wanted to move previously.”
Collison did not provide an exact number of employees that took the deal in the interview. It wasn’t just Bay Area employees that were given the opportunity, though. The company, which has headquarters in San Francisco and Dublin, said it applied to all high-cost cities.
https://www.sfgate.com/bayarea/article/Stripe-employees-move-outside-sf-bonus-paycut-16255820.php
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