IPhone Maker Lifts Wages, Preps Backup for Covid-Hit China Plant
- Foxconn is said to be raising wages by as much as roughly 36%
- Apple’s main production partner working to curb Covid flare-up
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Foxconn Technology Group is preparing to bring backup production online and raise hourly wages by more than a third, after an exodus of workers threatened to disrupt output at the world’s largest iPhone plant ahead of the holidays.
Foxconn, whose listed vehicle is Hon Hai Precision Industry Co., is grappling with mounting concern that a Covid flare-up at its main Zhengzhou plant could hurt production just as Apple Inc. gears up for the crucial year-end season. Its shares fell 1.4% Monday, the worst decline in three weeks.