The pandemic has turned many office employees into remote workers, and for some, that could mean the freedom to move to a new, less expensive location. Some businesses are even encouraging employees to move, with a bonus. But there is a catch. Employees who move to a place with a lower cost of living, may also get a pay cut, and that’s not sitting well with some of them.
Payment processing company Stripe is one company that is encouraging employees to move. It has offices in 16 cities around the globe and almost 3,000 employees. It’s giving $20,000 to employees who move from some of the bigger cities like San Francisco, New York, and Seattle, but is also telling them they’ll get a 10% pay cut. The pay cut will correspond to a lower cost of living in the city they move to.