Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
WiseTech Global Denies Knowledge of Investigation Into Founder Richard White 
Australia Jobs Growth Strengthens Rate Hike Outlook 
Meta Pauses Employee Activity Tracking Program Over Data Security Concerns 
South Korea Stocks Tumble as AI-Fueled Rally Faces Profit-Taking Pressure 
Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
Trump Orders DOJ Investigation Into Exxon, Chevron Over High Gas Prices 
Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
Oil Prices Slip as Iran Sanctions Relief and Hormuz Shipping Recovery Ease Supply Concerns 
Wall Street Slides as AI Stocks Tumble Following South Korea Tech Sell-Off 
Australia Inflation Cools in May, But Core CPI Keeps RBA Rate Hike Risks Alive 
Singapore Inflation Stays Muted in May as Core CPI Misses Forecasts Ahead of MAS Review 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
South Korea’s KOSPI Rebounds as Samsung and SK Hynix Lead Tech Stock Recovery 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Alphabet Replaces Verizon in Dow Jones Industrial Average 
Under Armour announced on Wednesday, May 19, that it will be raising its minimum wage rate from $10 to $15 an hour. The raise will take effect in the U.S. and Canada next month.
Why UA is issuing a pay raise
As per CNN Business, Under Armour made the decision so it can retain its workers as well as hire new staff which is hard to do right now. The job market is so tight that there is actually a staffing shortage in many business sectors such as restaurants, hotels and other service-oriented establishments.
With the move, the American sports equipment company that manufactures footwear, sports and casual apparel, becomes the latest company to increase wage rates. Starting in June, the firm’s 8,000 employees where 90% work in its warehouse and store outlets, will enjoy the new pay scheme.
Amazon, McDonald’s, Walmart, Chipotle and Costco are just some of the firms that have previously committed to a pay hike for their workforce. As they struggle to find new workers to fill in vacant job posts in their companies, raising the wage is one way to lure people to apply.
“At Under Armour, direct-to-consumer is one of our biggest growth opportunities and an area that I am proud to oversee,” Under Armour’s president of the Americas, Stephanie Pugliese, said in a press release. “Teammates in our retail stores and distribution houses are our strongest asset and we needed to make a strategic decision on our hourly wages to be a competitive employer in the retail space.”
She added that the company is happy to be able to increase the workers’ minimum wage as they acknowledge the hard work of everyone in the retail and warehouse. President and CEO of Under Armour, Patrik Frisk, also said that the company is committed to doing the right thing and committed to making sure that its workforce feels appreciated and valued.
Under Armour looking to recruit thousands of staff
Amid that raise in minimum pay rate, CNBC reported that Under Armour is looking to hire new employees. Currently, it has 3,000 vacancies in its outlets and distribution centers.
The sportswear and sneaker maker is hoping that its new wage will attract more people to come and apply for work in the company. It will be hiring talents in the coming months and will announce job recruitment events at some point.
