Following much criticism about the minimum rates it paid its workers, Amazon has decided to raise its pay to $15 in the US and £9.50 ($12.32) in the UK.
The retail giant has received much criticism recently for the low pay of its workers, especially since it became the second ever public company to be valued at $1 trillion.
Amazon founder Jeff Bezos, who Bloomberg recently announced as the world's richest man with a net worth of $141bn, stated: "We listened to our critics, thought hard about what we wanted to do and decided we want to lead.
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"We're excited about this change and encourage our competitors and other large employers to join us," he added.
The changes will see the minimum wage rising from $11 an hour and £8 ($10.37) an hour in the US and UK, respectively, affecting more than 350,000 staff in the US and almost 40,000 in the UK.
Recently, Amazon has been making strides towards bettering its image and embracing more social corporate responsibility. Last month, Bezos outlined his plans to spend $2bn on philanthropic causes.