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Tesla skips employees' yearly merit-based stock compensations - Bloomberg News

Published 12/19/2023, 06:36 PM
Updated 12/20/2023, 10:45 AM
© Reuters. FILE PHOTO: The Tesla logo is seen at a dealership in Durango, northern Spain, October 30, 2023. REUTERS/Vincent West/File Photo
TSLA
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(Reuters) -Tesla is not offering its employees yearly merit-based stock awards, Bloomberg News reported on Tuesday.

Tesla (NASDAQ:TSLA) did not immediately respond to Reuters' request for comment.

The news comes after United Auto Workers union said in November it is launching a first-of-its-kind push to publicly organize the entire nonunion auto sector in the U.S., including Tesla, after winning new contracts with the Detroit Three automakers.

The company's managers delivered the news to salaried employees, the report stated, adding that four employees from different departments told Bloomberg News they believe the move was widespread.

© Reuters. FILE PHOTO: The Tesla logo is seen at a dealership in Durango, northern Spain, October 30, 2023. REUTERS/Vincent West/File Photo

Workers were still given modest cost-of-living increases and adjustments to their base salaries, according to the report.

Some Tesla employees who reached the end of their four-year vesting cycle were given stock "refreshers", in order to keep their total compensation competitive, the report added.

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