A financial services company is offering its employees a one-time bonus if they are willing to relocate away from big cities. Stripe, which has offices in New York City, Seattle, and San Francisco, will pay its employees $20,000 if they want to move. The lump-sum payment does come with a catch. The employees will also have to take a 10% pay cut.
The company has 2,800 employees around the world and has long been allowing employees to work remotely. In May 2019, Stripe created a remote engineering hub and began hiring 100 engineers who would do their jobs remotely.
While the employees may be dismayed at taking a ten percent pay cut, they could save money on income taxes depending on what state they choose to move to. They will also save time and money by not having to commute to the office every day. A study by Upwork found that when factoring in direct costs, externality costs, and time, workers are saving about $758 million every day by working from home.
Photo: Getty Images