Amazon.com Inc. said Tuesday it will invest more than $450 million in two new benefits and rate increases, to offer competitive compensation for delivery service partners (DSPs) and drivers. The benefits include a new academic program called Next Mile that provides up to $5,250 a year to DSP drivers for access to more than 1,700 academic programs, and a 401(k) savings plan that provides $60 million so DSPs can match employee contributions. The new benefits and rates increases from the ecommerce giant will total more than $450 million over the next year. Amazon’s stock sank 4.8% in afternoon trading amid a broad-market selloff, putting it on track to snap a four-day win streak in which it ran up 8.2%.
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