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Exxon’s US Workers Get Inflation-Busting Pay Hike as Profit Hits Record

  • Average salary boost is 9%, with a further 5% for promotions
  • Increase comes as Big Tech cuts workers, banks reduce bonuses
Exxon Gas Stations Ahead Of Earnings Figures
Photographer: David Paul Morris/Bloomberg

Exxon Mobil Corp. is awarding US employees above-inflation pay increases just weeks after the Texas oil giant posted its highest quarterly profit, underlining how strong 2022 has been for the fossil-fuel industry while other sectors like technology and finance cut jobs.

Workers will receive an average salary bump of 9%, and those who got promoted will see a further 5% increase, according to people familiar with the matter who asked not be identified discussing non-public information. The current US consumer price index is 7.7%.